Interesting question. I will re-phrase the question as "Is there velocity algebra?" Can I add velocity vectors in a physically meaningful way? There is obviously a force algebra since I can add force vectors, so why not velocity vectors.
Quick Answer. The answer is no because velocity vectors alone are not enough to describe the motion of a rigid body. The motion of body is described by a rotation axis, the speed of rotation and any parallel velocity along the rotation axis (Chasle's Theorem). To add motions you need to resolve the velocity at a common point in space.
A related restriction occurs with force vectors since you can only add them if their tails are on the same point (using the parallelogram rule).
The exception to the above rule is when there is only pure translation, such as a person walking on a speedy train.
You can however add velocities when you consider a vector that contains both the linear and angular parts of velocity. Such a vector has 6 components in 3D and it is called a twist. On a plane such a vector has 3 components.
I want to prove to you that you can perform algebra with twists, in fact this is how most kinematics of robotic mechanisms is modeled.
The motion of the end effector is just the sum of all the relative twists on each joint
$$ \boxed{ \boldsymbol{t}_{\rm end} = \sum_i^n \boldsymbol{t}_i }$$
The above is an addition of velocity (twists).
A Simplified Detailed Example
Considering only planar motions simplifies things, and allows us to visualize any rotation axis as a point on the plane.
Here two identical bodies #1 and #2 are pinned, each with relative rotational speed of $\dot \theta_1$ and $\dot \theta_2$. The root pin is at point A, the relative pin at B and the end point of interest at C.

The velocity of each particle on a body as you move away from the pivot varies linearly up to point B, and then again linearly by with a different rate up to point C. These are the dashed blue lines you see above and the vertical arrows are the velocity vectors at B and C respectively.
Obviously you cannot just add the velocities to state $v_C = v_A + v_B$, but you can add the rotational velocities.
Here the rotational velocity of the bodies are
$$\begin{aligned}
\omega_1 & = \dot \theta_1 & & \text{link #1} \\
\omega_2 & = \omega_1 + \dot \theta_2 & & \text{link #2} \\
\end{aligned}$$
Let us assign the out of plane vector $\hat{z} and bring the above in vector form
$$\begin{aligned}
\vec{\omega}_1 & = \hat{z} \dot \theta_1 & & \text{link #1} \\
\vec{\omega}_2 & = \vec{\omega}_1 + \hat{z} \dot \theta_2 & & \text{link #2} \\
\end{aligned}$$
And this is angular velocity vector addition. But what about linear velocities? Here is what you do:
What is the linear velocity of #1 at B? $$ \vec{v}_B = \vec{\omega}_1 \times \vec{ \ell}$$
And what is the relative linear velocity of #2 at B? Well it is zero since the two bodies much match speed at the joint. So the velocity of #2 at B is also $\vec{v}_B$ which makes the velocity on the end to be $$ \vec{v}_C = \vec{v}_B + \vec{\omega}_2 \times \vec{\ell} $$
Or you can directly find the velocity at C using vector addition for velocities. Consider $\vec{v}_C$ as the addition of two vectors at a common location, the point C.

The first velocity vector is that of body #1 if it extended out to point C
$$ \vec{v}_{C1} = \vec{\omega}_1 \times 2 \vec{\ell} $$
The second velocity vector is that of the relative joint velocity also extended out to point C
$$ \vec{v}_{C2} = \hat{z} \dot{\theta}_1 \times \vec{\ell} $$
and now we can add velocity vectors
$$ \boxed{ \vec{v}_C = \vec{v}_{C1} + \vec{v}_{C2} } $$
The above is interpreted as, the velocity of body #2 at any point, equals the velocity of body #1 at the same point plus the relative velocity between the two bodies also at the same point.
If two planar rigid bodies are in contact, and each body has its own distinct center of rotation, then the relative center of rotation between the bodies has to lie somewhere on the line connecting the two centers.
It is known the linear combination of two points is a point somewhere on the line that connects the points. The above rule is exactly that, as each twist is a point in space for its center of rotation, and the addition of two twists is a linear combination $\boldsymbol{t}_{\rm rel} = \boldsymbol{t}_B - \boldsymbol{t}_A$
velocity
in physics actually describes the actual movement against some point of reference over time. The vectors in the given vector space describe possible movements on objects against that point of reference. – Sulthan Aug 28 '21 at 15:33