Is there a benefit to understanding your tools, rather than simply knowing that they exist?
Yes, of course there is. Taking a trivial example, don't you think there's a benefit to knowing what the difference is List (or your language's equivalent dynamic array implementation) and LinkedList (or your language's equivalent)? It's pretty important to know that one has constant random access time, while the other is linear. And one requires N copies if you insert a value in the middle of the sequence, while the other can do it in constant time.
Don't you think there's an advantage to understanding that the same sorting algorithm isn't always optimal? That for almost-sorted data, quicksort sucks, for example? Naively just calling Sort() and hoping for the best can become ridiculously expensive if you don't understand what's happening under the hood.
Of course there are a lot of algorithms you probably won't need, but even so, just understanding how they work may make it easier for yourself to come up with efficient algorithms to solve other, unrelated, problems.