False, and false.
* As to the first, in common use, algebra is the abstraction of mathematical values and operations. If we can abstract a value to a symbol, we then can operate on the symbol rather than the value, greatly increasing the generality of mathematical ideas. Which operation is more useful: sqrt(2) or sqrt(x)? Another example -- which is more useful: D(7^n) = 7^n * log(7) or D(x^n) = n * x^(n-1)? (The first can only be applied to 7, the second can be applied to any values of x and/or n.)
* As to the second, algebra is much more useful now than it was 100 years ago. Those who don't learn algebra are inviting politicians to lie to them, which they will certainly do if given a chance.
> Maths as traditionally taught is the leading cause of high school dropouts rates ...
This confuses cause and effect. If we drop math education to prevent dropouts, we will have implicit dropouts (people who drop out but without physically leaving) instead of explicit ones.
> ... people who might have been scientists turning to arts instead ...
One's preference for art over science has deeper roots than a lack of comprehension of mathematics. And again, it confuses cause and effect.