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IMHO writing better code comes with time and practice. So what you probably need to focus on is developing your algorithmic thinking https://www.coursera.org/course/algorithmicthink

But developing the algorithmic thinking also takes a lot of time and practice. So ideally, what would be the best way to balance them both?

You're overthinking it. Just program a lot, experiment with algorithms, read well-regarded books on both, and both will come.