It's worth noting that it depends a lot on what subset of engineering you go into. If you were to take all of the work of electrical engineering done across all subspecialties and industries and tally it up, probably 95% requires, at the most, basic algebra. That last 5%, however, covers a wide range of math from algebra on up, and while a lot of the 5% is concentrated in the work of specialists in RF or semiconductor design or whatever, the rest of it is sprinkled all through the work of all the other EEs in the world. So you might wind up in an area where 99% of your work only requires arithmetic, but there will be that 1% of situations where you'll need to be able to crack more advanced problems.
Since you mentioned microcontrollers, even if you aren't doing anything computationally intensive embedded software in particular requires a very thorough understanding of numeric representation and algebraic manipulation. In order to get correct results it's imperative to be able to spot where you'll lose precision, overflow a value, etc, and you'll need to know how to transform a given expression into a form that an embedded system can evaluate efficiently and accurately.