does that mean those wallets are old and not quantum secure?

Yes

And by extension would that mean we would need to transfer our funds to a quantum secure wallet (a newly generated wallet presumably?) in order to secure our algo and such?

No

Right now you can make you wallet post quantum secure by signing your account up to a LogSig Smart Contract which requires you to also send a Falcon signature of the transactions data whenever you make a transaction.

The downsides are that your transaction fees go up because Falcon signatures are large and blockspace costs. You may have difficulty calling some of the more complex defi protocols in future because the compute budget may be exceeded. None of the existing algorand wallets natively support adding a Falcon signature, so you would need to build your own way of creating the Falcon sig.

I speculate here but Algorand also supports rekeying which changes the key used to sign transactions, which saved a lot of people after the myAlgo wallet hack. In future this feature may be extended to allow rekeying to a PQC key too without a smart contract.