Well, yes, which is why they don't measure it your way, as it doesn't lead to discovering anything interesting about computation to have a shortcut like that. Or if they do it's part of a larger analysis, called an oracle machine.
Maybe I'm not communicating the point clearly. In order to use a table to do the whole multiplication it has to be much larger than the largest number you would want to multiply with it. A lot of the analysis of algorithms, especially multiplication as discussed here, is about astronomically large numbers, so you don't want the existence of an even more astronomically large table as a prerequisite.