uh, i mean if you are a junior and don't have another offer lined up why not take it and continue interviewing?
job 1, depending on how good of an applicant you are can be hard to get. whereas job 2 is considerably easier so long as your first job is actually a software engineering position.
the last ditch alternative is.... like revature type stuff. they pay you min wage for your training, then pay like 40-60k a year for 2 years and try to bill you 30k if you try to leave before that point. job sounds shitty but not as shitty as that.
3+ hours of time for one company's hiring process
3 hrs is pretty normal no? short phone screen, a technical round or two, then some sort of semi social meeting with manager or team or whatever?