I think that it's okay to feel how you're feeling, and I also think that the fact that you're here asking for advice shows that you really want this, a career in law, in which case, it's really important to not give up. It's not the end of the world if you can't land a TC now, and you clearly have a strong enough profile to maybe land a paralegal role or something else so that you can continue applications in the meantime.
I think, with VIs, it may be worth considering whether you're over-preparing and sounding too rehearsed, if as you say, all your various 1-to-1s have yielded encouraging feedback. Others have already provided, imo, much better advice on tackling VIs than I can add on here.
The truth is that I think anyone going through all the rejections feels that the odds are really stacked against them, but at the end of the day, it really does take only one, and you've clearly got what it takes as you've been invited to ACs before. Sometimes there's no real rhyme or reason as to why you have or haven't been progressed each cycle, only the final decision-makers at each stage will actually know. I refer to this post by Afraz a couple of days ago to hopefully keep you going. (
https://www.thecorporatelawacademy....ns-discussion-thread-2025-26.9717/post-231386)
As for your last point, I don't disagree tbh, but this is the unfortunate reality we all live in now. We're not exactly in a position, as applicants, to compel change in the process, but do also consider the firms' perspectives as competition and the sheer volume of applications keep increasing year-on-year. It's a very trying/testy process and all we can really do is give it our best at each moment and stage, and hope that the decision-makers see our potential and offer us a TC.
Please take some time to take care of yourself over the next couple of days and bounce back, it's Christmas after all! Beyond that, I'm wishing you all the best and hoping for your success this cycle!