What the round is actually testing
It is not testing whether you have built a system at that scale. Almost no candidate has. It is testing whether you can take an under-specified problem, impose structure on it, make defensible decisions under uncertainty, and communicate all of that clearly to another engineer in forty minutes.
That reframing matters, because it tells you where the marks are. A candidate who produces a modest but coherent design, states what each choice costs, and drives the conversation will outscore one who name-drops technologies without connecting them to requirements. Saying "I would use Kafka here" is worth nothing on its own; saying "writes are bursty and the consumer is slower than the producer, so I would put a queue between them, accepting the added latency and operational complexity" is the whole game.
Weighting rises sharply with seniority. For SDE-1 this round is often informational. For SDE-2 it is a real gate. At senior and staff level it is usually the round that decides the level you are offered, and sometimes whether you get an offer at all.