Yes Algae can take up extra amounts of different thing much like we can store fat. When times are lean, algae can rely on that or just slow down metabolism or growth, much like we can. When levels get low, things get slow. That is one of the great points of Scrubbers.
There is a difference between zero on your test kit and absolute zero. The evidence shows that bacteria is far more powerful and far more dangerous to those that cause it to get out of control. It can lower N and P to levels that the aforementioned coralline algae, GHA, and lots of corals can suffer badly. If the situation is not remedied soon enough, stores will run out and bad things can happen. Bacteria can even strip out enough oxygen from the tank that it will crash. Both of these conditions can happen in hours not days.
Google shows that there are plenty of studies that back that up, in the lab, in algal farms, in treatment plants and in fish tanks. If we search this site, we can see that many people have issues with nutrient limitation. Nutrients can indeed be consumed far faster than any group of fish can replenish them.