Ask HN: Does being good at TopCoder etc help you with day to day work?

Hey HN,

This question has lingering in my mind for quite a while now. Is being good at TopCoder, Codeforces etc (algorithms/data structure/problem solving) useful in day to day work?

I am aware that it helps you clear most of the tech interviews but I am not sure if it helps out more in daily work compare to reading a book (Like PAIP), reading source code of a project you use on daily basis or taking a challenging course on Coursera/Udacity (Like programming languages).

So any thoughts from fellow HNers?