Yes, but at some point, the knowledge becomes so basic that it should be considered part of basic CS literacy. By analogy, if you are a writer, you should know what similes are even if you aren't using them every day (to say nothing of things like commas).
I personally consider binary search to be in this class of knowledge. It's one of the simplest (if not the simplest) divide-and-conquer algorithms, and if a person doesn't know whether it performs better than linear search and why, that tells me that the person lacks all kinds of other pieces of critical knowledge, as well.
I'm not saying that knowing this stuff is completely unimportant, but rather than using knowledge of algorithms as a rough signal of someone's ability to do their (non-algorithms-related) job, it's better to measure it more directly.
This is the sixth bimonthly 'What are you working On?' thread. Previous threads are here. So here's the question:
What are you working on?
Here are some guidelines: