This is incredibly dependant on your company, team and role. I’ve been knee deep in data structures and algorithms for the last year. When I was at (FAANG) years ago I worked with people who did this stuff full time. You’ll find roles which use these skills in AI, AAA game dev, finance, operating systems and so on.
But probably 95% of commercial work is styling and wiring buttons. Even at big tech companies most of the work is plumbing. The skills you learn on leetcode are completely irrelevant in those roles.
We're in agreement that algorithms as such probably make up about 5 percent of industry work.
But the other 95 percent -- and I am talking engineering work, not product desgn -- is definitely not simply "styling and wiring buttons". And this is a very myopic view to have.