If, for example, you need to hash/salt passwords correctly and you haven't done that lately, even if you remember for certain how to do it, you should look it up to see if the best method has changed in the last year. Knowing algorithms off the top of your head might almost be a negative, if it makes you less likely to check with a bit of research first when it's time to use one.
[1] https://twitter.com/dan_abramov/status/1078658656344903683?s...
For even moderately sized companies, someone with wider knowledge will fare better, because such companies aren't going to spend $500k/yr on someone who doesn't know algorithms (or on someone who ONLY knows algorithms). The marginal cost to Facebook is near zero, the marginal cost to a smaller company certainly is not.