It is of great use when moving on to more advanced concepts, because you're not continually getting bogged down trying to calculate for the 10th time in a row what 8 + 5 equals. All this does is put process in where it's really not needed. I memorized addition and multiplication tables for all the single digits. That freed my mind up to handle algebra and calculus.
Why can't there be room for both? When children start to add, then they need to fool around with the process of putting things together. They need to play with numbers, see what happens when you add two positive numbers, what happens when you add two negatives, discover the patterns. Then, they are better equipped to memorize. Because when you memorize with a solid foundation, it's easier to know if the answer that popped into your head makes sense, or if you've memorized wrong.
You'd have a point if the current CC method was one of many ways to learn basic arithmetic, but it's not. It is being used as the only way which is not good.
I learned the number line method, memorization, estimation (similar to the process described in the OP), binary, base 6, and hex in grade school. It was done quite well. There are no Common Core lessons for different methods in grade school, just this one foreign and inefficient method. That's why this is a problem. It's not intuitive and it doesn't actually help later.
Try to calculate the area underneath a curve using the Common Core arithmetic method. Post your results.