As someone who has been to the ICPC finals around a decade ago I agree that the limited time is really the big problem that these machine learning models don't really experience in the same way. Though that being said these problems are hard, the actual coding of the algorithms is pretty easy (most of the questions use one of a handful of algorithms that you've implemented a hundred times by the time you're in the finals) but recognizing which one will actually solve the problem correctly is not obvious at all. I know a lot of people that struggled in their undergrad algorithms class and I think a lot of those people given the ICPC finals problems would struggle even with being able to research.