No it isn’t and this isn’t a funny joke. If you can’t write optimal algorithms and come up with data structures that allow for mapping out problems you aren’t solving anything and your job has always been one innovation away from disappearing.
I'd guess 90% dev jobs don't involve any algo knowledge more complicated than "should I pick a list or hashmap" or "which columns need indices". They involve converting business logic into code and combining it with good UI/UX.