Yes, while algorithms are crucial components of AI systems, the application of machine learning techniques and the ability to learn from data are central to achieving machine intelligence.

??? There are actually two questions presented. The title question, which I don't understand, and the a closing question, "Since an algorithm is a program or set of instructions that a machine executes, therefore, applying it defies the concept of machine intelligence. Do you agree?" No, I do not agree. Machine intelligence is another term for the broad field of machine learning, and is't used very much because it causes confusion. It is not the same as AI. Several different machine learning algorithms, which are capable of learning, and changing their behavior, can, en masse, be combined to produce the complexity needed for artificial intelligence.

@Keith D. Foote

The title question suggests that AI can be considered as a model, and, as explained in the details section, this model includes input data e.g. training data, computing resources such as memory and processor and an algorithm, such as machine learning or deep learning algorithm. This model gives the output instructed by the algorithm regardless of the capability of learning and changing behavior.

This may be about use of the English language. You can create a model of an AI to be built in the future, and use the model as a blueprint to build the AI. Or, you can create a model based on a currently functioning AI. But a currently functioning AI is not a model, it is a reality. Models tend to be simplified versions of future realities. So, you could build a model of an AI with all the input data, training data, etcetera, but once the AI is built, the functional final version of it is not considered a model, but a reality.