like many C functions you must remember that C is not low level, you won’t learn how memory is allocated by inspecting malloc() anymore than you would learn how characters are printed to the screen by reading printf() or how a file is written by reading write().
you will only learn about the thin or heavy wrapper that C is responsible for, the real magic is happening in the kernel and the device firmware
Malloc needs the kernel to obtain memory, but in any reasonable implementation (you do not want to make a syscall for every malloc and free) is mostly user space, and studying that will tell you a lot about how your malloc works.
Disagree, I found malloc source useful, and writing a toy allocator especially useful because you learn about the brk() syscall which is a great breadcrumb into kernel land and a great bridge to connect the memory mapping lessons from computer architecture with application code.