Of course, that is just for the simple operation of calculate the circumference given the diameter, more complex operations with pi may require more precision.
At least according to Wikipedia, it seems it is indeed the smallest observable distance. Although it has never been proven and follows from the theoretical generalized uncertainty principle. https://en.m.wikipedia.org/wiki/Planck_length#Theoretical_si...
If universe had to know every constant somehow involved in the process, it would not be able to simulate computers, because it involves uncomputable numbers: https://en.wikipedia.org/wiki/Chaitin%27s_constant#Uncomputa...
But lets assume that there really are 10 dimensions - in that case a volume of a 10 dimensional sphere will require (pi^5)*r^10.
If you want to measure the volume to 1 plank 10 dimensional cube, you will need more digits.
There is a list of formulae where π appears (some related to circles, some not) here: https://en.wikipedia.org/wiki/List_of_formulae_involving_π
In other words, if you were trying to calculate pi by checking the actual probabilities, how many digits can you get?
[1] http://www.wolframalpha.com/input/?i=observable+universe+dia...
Clearly if the diameter of the universe is smaller than a proton then you don't need 43 digits of pi to calculate its circumference to smaller than the diameter of a proton. So if the diameter of the universe is 10^1000000^100000000 proton wide the precision you need for pi would be way higher than 43?
Starting with 'if' would imply that the result only requires you 'knowing' the size of the obsv. unv. but does not depend on its actual size.