Yes, but only if they already qualified a quota to compete in the event. So in theory Algeria could win the continental quota in the individual sprint and then use their road athlete to compete in the keirin (since all nations which qualified in individual sprint will be allowed to compete in the keirin).
Of course, nations tend to use that transferable athlete quota in the endurance events, for example using five athletes instead of four across the team pursuit and Madison events or three athletes instead of two between the Madison and Omnium.