Team matching

Is it like an interview? Do you have prepare for it?

Team match is usually a behavioral interview effectively (but not as intense as a standard one during the onsite), and it can get quite competitive. Google in particular is notorious for having a pool of candidates who have passed hiring committee that is way larger than the number of open roles. Many candidates who passed the interview for Google actually just drop out of contention as they're stuck in team match for 3+ months (this happened to my little brother).

So yeah, you should prepare for these rounds. Understand the hiring manager and their team, and take the time to craft a compelling narrative about why you would be a good fit: Master The Behavioral Interview As A Software Engineer

If a company only has one team for team matching & you don't like it, can you just wait for more time?

You can, but you're taking a risk of staying in team matching hell, which I imagine is more likely given the current economy (too many good candidates, not enough jobs). If a team is semi-decent, I recommend joining. More thoughts here: "How to navigate through team matching with Meta?"

On levels.fyi, their Staff matches with other company's senior level. But it seems money-wise their staff-level is more. I am not sure how to match up levels here.

Money is the main measuring stick I use as it's universal. At most companies, their Staff level makes around the same as Meta's mid-level (E4). Levels are just strings next to your name at the end of the day, so I don't think it's worth your time and mental energy trying to "match up" levels.

Here's another good thread about this: "How should I think about levels when it comes to evaluating jobs and in my career overall?"

If a company only has one team for team matching & you don't like it, can you just wait for more time?

This is risky and depends on how much you care about this company + what your other options are. As I mentioned in this discussion about Meta team match, I strongly recommend accepting the first team match if possible.

Most good companies will allow high-performing employees to switch between teams, but the hardest part is to get full-time employment in the company. The risk with waiting foe other teams is that (1) they may not materialize or (2) the market conditions may change and the company may freeze hiring.