I did as well, but...
> Didn't even have code reviews back then.
Not so much this one.
> If you have to train them, then it seems the coding part should be cheaper then the algo part.
I do actually agree. But there tends to be other aspects of the job outside of just code and algorithms. Prior work experience is a shining star compared to a 22 year old in any field. I see my coworkers more than my family. Someone that has a full understanding of everything that goes along with that has a head start across the board. Someone changing careers in their late 20's also tends to put a hell of a lot more into improving themselves than just the basic progress-of-life learning. I just think it evens out as long as you're consciously hiring people for the right role.
If you have to train them, then it seems the coding part should be cheaper then the algo part.