Canva is a great company with great products and greater values, and all of that reels you in as a candidate and makes you want to give your best. But their hiring process is extremely time-consuming and puts the entire onus on a candidate to showcase everything the company might be looking to assess, rather than interviewers having a clear idea of how to assess the exact things they need to assess. The take-home assignment is promised as something that needs "only 4 hours", but any serious candidate would end up spending significantly more time and energy, and because there's no clear articulation of the format in which the document should be structured, you're kind of in the wild wild west trying to figure out how best to impress people you've never met or spoken to. As someone who also does consulting on the side, their assignment felt very much like an unpaid gig (you get tonnes of data to analyse, in addition to having to articulate your own ideas and PM style) which left a very sour taste in the mouth. During the entire process, you'll be sharing detailed ideas, suggestions, strategy, designs, and extremely data-backed observations about improving/growing Canva products... which frankly is a lot of free work to offer.
I've been hearing loud and clear from the Product Management community negative things about companies who do this, but I was biased towards Canva because I've loved the people I've met. In the end, I was told I wasn't selected because of 1 or 2 things that were missing in my assignment (even though they found several other things that were big positives).
I would recommend only people who wouldn't mind investing SO damn much knowing that it could go either way, to apply. It's still a great company with some amazing people, but their hiring process has glaring gaps. I wouldn't be applying again, despite how much I have loved their products.