I think it certainly makes sense to ask what the higher level "algorithm" at work here is, though. Electrons flow through wires and transistors in (say) an adder [1]; looking at the wires and transistors you won't see an algorithm for addition, but there is certainly one present, codified in the arrangement of those wires and transistors. But maybe we can reverse engineer whatever the LM is doing by a combination of probing it with experiments like these and (maybe) inspecting the learned weights. The Curve Circuits paper did this for reverse engineering a curve detector learned by a convolutional neural network: https://distill.pub/2020/circuits/curve-circuits/
I also don't mean to imply that it's a good algorithm, or one that generalizes to arbitrary numbers, etc. Maybe it's just (effectively) a lookup table and some special cases!
[1] Please don't yell at me for this metaphor, I bailed out of physics after scraping out a B- in E&M ;)