Do we still need to study algorithms now that AI writes most of our code? [D]

I've been thinking about this for a while.

AI can now write functions, explain code, refactor projects, generate tests, and even solve many programming problems better than many junior developers.

I've also noticed that Stack Overflow seems far less active than it used to be because many developers now ask AI instead.

This made me wonder:

Is learning algorithms still as important as it used to be?

I'm not talking about memorizing LeetCode solutions for interviews. I mean actually spending months studying data structures and algorithms.

If AI can generate efficient implementations, explain the complexity, and even optimize code, where is the real value in deeply learning algorithms today?

Do experienced engineers still think it's essential, or is understanding the concepts enough while letting AI handle the implementation?

I'm curious to hear opinions from people working in the industry.