No, I do not think you can have an algebra question in a Cloze. In a Cloze question, you can only have short answers, numerical answers and multiple choice. See https://docs.moodle.org/36/en/Embedded_Answers_(Cloze)_question_type.
Otherwise, the Formulas question can incorporate questions similar to algebra questions, numerical answers and, to a limited extent, multiple choice.
Thanks Dominique for your helpful answer. Is formulas a standalone plugin? or like stack qtype depends on external stuff such as maxima.