This is true. I have around 6 years of experience and when interviewing recently I tried two approaches:
1) Not preparing myself by reading on data structures and algorithms. Just relying on my solid experience to carry me.
2) Spending couple of hours evening before interview to quickly go through data structures (array, linked list, hashmap, stack, queue, binary trees), algorithms (searching binary search trees, merge sort etc) and writing quick implementations of couple of most common algorithms you get asked about during interviews (just to have fresh "muscle" memory to be able to quickly write an implementation on the whiteboard with confidence).
Approach 1) did not really work well for me. After I switched to 2) the interviews got much better for me and offers started coming.
So I'd suggest even if you are very experienced and have a decade of experience, don't rely on that being enough. Spend a day before interview refreshing your memory on computer science fundamentals, try to memorize Big O cheat sheet. And you will be much more likely to get offer.