Every coding competition I’ve participated in required correctness as a first criteria for basic acceptance, and then speed as a secondary scoring criteria.
>>bawolf+Y4
For Advent of Code, you lose a minute of time for every wrong answer.
Also in most how-to-leaderboard guides it's heavily noted that making mistakes (ie. bugs) is going to cost you the most times (anecdotally, I'd agree with this). Those who leaderboard have to write bug free code.