Nitrate and Phosphate Absorption: Macroalgae (such as Chaetomorpha or "Chaeto," Ulva / sea lettuce, and Caulerpa) consume nitrogen (in the form of nitrates) and phosphorus (phosphates) from the water column as they grow and undergo photosynthesis.
Yes, macro algae’s can help remove nitrogen, phosphorus and trace elements but I think their role goes well beyond nutrient uptake. I’ve touched on some of this points in a thread regarding why reef aquariums need more than just a nitrogen cycle. You might find it interesting.