It's not something most people will want to sit down and read cover-to-cover, no. It is an incredibly invaluable reference, and it's certainly good to pick it up, pick an interesting section, read over it, and do some exercises. But the encyclopedia comparisons made above are pretty apt... it's big, extensive, and detailed. And some of the "exercises" are research problems that might take years to solve.

If you just want a better knowledge of low-level algorithms, it might be better to start with the Robert Sedgewick books (eg, "Algorithms in C," "Algorithms in Java," etc.).