Yes, we mostly study the famous algorithms the same way mathematicians study the famous theorems: not because they want to reprove them again and again in daily life.
Now if you want theory, I continue to recommend Algorithm Design by Kleinberg and Tardos.
Similarly, I think there is scientific value in finding cleaner ways to implement known algorithms, prove their complexity bounds, etc. For example, one of my current projects is to provide total functional implementations of known data structures and algorithms (i.e., free of assertions and unreachable control flow points), and I have gained insight about these data structures and algorithms that I couldn't have possibly obtained from their published descriptions.