If the ClientHello contains signature_algorithms_cert but does not contain signature_algorithms, the TLS1.2 handshake fails.
The server reports an error: no shared signature algorithms.

signature_algorithms are optional in TLSv1.2. If they are not present then OpenSSL should fallback to "default" signature algorithms. This is specified in RFC5246:

   If the client does not send the signature_algorithms extension, the
   server MUST do the following:

   -  If the negotiated key exchange algorithm is one of (RSA, DHE_RSA,
      DH_RSA, RSA_PSK, ECDH_RSA, ECDHE_RSA), behave as if client had
      sent the value {sha1,rsa}.

   -  If the negotiated key exchange algorithm is one of (DHE_DSS,
      DH_DSS), behave as if the client had sent the value {sha1,dsa}.

   -  If the negotiated key exchange algorithm is one of (ECDH_ECDSA,
      ECDHE_ECDSA), behave as if the client had sent value {sha1,ecdsa}.

All of the default sig algs are based on SHA1 - which OpenSSL disallows in its default security level. In that case I would expect the "no shared signature algorithms" message that you are seeing. If the default security level is set to 0 (e.g. by setting "@SECLEVEL=0" at the end of the ciphersuites list), then a successful handshake should still be possible.

"signature_algorithms_cert" only specifies the sig algs to be used in signing certs. It is never used for handshake signatures.

Is this result expected?

Yes