I represented a U.S. school at ICPC world finals twice (the maximum number of times). Just based on what I heard from other contestants and their classmates, it seems like the biggest contributor to the outcomes we see at finals is that some schools take this contest much more seriously than others. So a team at, for example, St. Petersburg State University may spend 20-60 hours/week practicing while a team at Stanfo…
Outside of a job interview, I don't see why this would be a good idea. If you need a stock algorithm and your environment has a stock implementation, why on earth would you roll your own umpteen zillionth implementation?
Sometimes you have an embedded problem or some weird feature of the problem domain that favours a non-stock algorithm. But that surely suggests only knowing algos to the depth required to pass Algorithms 202 ("this is an odd case, I'll look up the alternatives"), not having muscle memory that can instantly spray plain mergesorts into a text editor.