Does Wealthfront actually buy individual stocks? Most robo-advisors buy ETFs. So you're paying double management fees. I'm not aware of any robo-advisors that actually buy individual stocks.
Yes. Once you cross a certain threshold (I think it's $100k portfolio), they'll switch you to "Direct Indexing", which automates individual stock purchases.
Once you cross a threshold of investable assets at which it makes sense (usually a few hundred thousand), most robots have an active indexing strategy in addition to or instead of ETFs.