I never memorised them and suffered immensely through school as a result. Eg. I calculated 7x8 as (7x10=70) minus 7 using my fingers (63) then minus again on my fingers (56).
In Australia children are encouraged to memorise multiplication up to 12 (ie. 12x12, 6x12 etc.)
But why stop there? Would it be helpful to memorise them up to say, 50? Or do good mathematicians find it even easier to calculate an answer like 32x16 rather memorise it?
$32\times 16$ is easily $512$ because I memorised the powers of $2$. That being said, I have never actively memorised the full multiplication table above $10$, and I get along nicely. $11$ comes practically for free, though, and I multiply so often by $12$ that I basically know that one as well.
Above that, it's mainly mental arithmetic and neat tricks for me. For instance, because of $$ a(b\pm c) = ab\pm ac $$ I can calculate basically anything multiplied by, say, $47$ quite easily because I can multiply it by $50$ (multiply by 100 and halve), and I can multiply by $3$ (the hard way, if I must), and then subtract the two.
Using tricks like this, I most likely spend a lot less time doing the calculations that I need when I need them than I would've done memorizing (and retaining) any bigger multiplication table.