In most cases, and certainly (for now) the vast majority of setups for marine planteds, seagrass will not outcompete all algae. It is perfectly possible to have reds, Caulerpa, Chaetomorpha and a few others coexist with the grasses. As for nuisances, I'm not sure, but Bryopsis was contained to a patch on one of my chestnut turbans, and never sprouted elsewhere. I dont think that was just related to competition problems though.
It is possible to accelerate growth -- with lots of CO2, fertilizing the plants, and lots of light -- to get shoal grass and star grass to completely outcompete Caulerpa prolifera and Chaetomorpha.
>Sarah