I was flummoxed with this question when I started re-learning about Algorithms & DS (after years of regular backend software development) along with Competitive programming. The fact that I suck at it hit me like a brick. I took way way longer than necessary to solve even basic algorithm problems.
Now at work, I am pretty good at creating reliable software (mostly in Java, Scala and Python), but I won't probably pass the first tech round at companies like Google or Amazon. And this is hurting my ego bad. After so many years developing software, I am bad at the fundamentals.
Is this something that worries you? How much percent time do you spend on strengthening CS basics? Do the best tech companies only judge based on Algo/DS knowledge?
Do you need to memorize the algorithms so you reproduce them off the top of your head? No! Should you be aware of what they are in a comparative sense, and have a rough idea of what family of them you should be applying? Yes.
You need to learn just enough to keep learning, and more so when your applying, because only through use do you gain mastery. That. Takes. Time!
As for "will it get you jobs" -- at a subset of companies it will. Another subset will ask you to "write" code (and this is wrong as well)... Do you want to work for those companies is the larger/other question.