The fully elaborated version of the underlying principle is probably something like: "I have much better ways to spend my time than on memorizing formulas that I could easily look up later".
Cheating to avoid memorization is childish, but let's not forget that students are usually children, or still in the process of maturing into adults.
Failing to learn critical coursework should delay graduation, and cheating should result in expulsion. These are good things.
Edit: Being a child, and acting childish is an important part of the life cycle that allows development. We seem to be bumping into some biological limits on how late we can extend it, but if it were possible I would.
There is a tremendous variation between individuals. Part of the point of the university degree as a credential is to identify those people who are responsible enough to complete the program. I graduated at the age of 21 and immediately became an Engineer in Training, working on code that could kill people if it behaved improperly. I took that responsibility very seriously, and I'm thankful that my employer and coworkers took me seriously in return.
I fear that a focus on age tends to lead to prejudice. If you just want to ensure young adults can be allowed to make mistakes without ruining their lives, I would encourage you to expand your goal. There are many adults who could benefit from a bit more compassion and forgiveness. We don't need to restrict it to the young.
Edit: that being said, in a system where there is such a thing as non-compulsory courses, and the critical path to graduation is sane, cheating on an exam on the critical path should definitely not be acceptable, even if it's "only" memorization. Some things really do need to be memorized.
I also had the seemingly good idea it would be nice to program the calculator, initially just writing algorithms like bubble-sort for CS that could be referred to, then extending to Statistics showing working for various statistical methods (the exam required steps showing working steps, learnt a little about data structures myself for that, then extending to matrix algebra and curvature). I also didn't go to most classes, only attending the ones that would be more useful than time in the library.
Typing character-by-character on a numerical keypad, getting a series of working systems. Was pretty fun.
And in the end, having working 'cheating systems'... I could do it faster in my head and never even took the calculator to the exam.
That's learning, I suppose. Did very well on the exams.
I had a lot of fun writing little programs to help out on long arduous problems though. I wish I had all my TI programs.
Casio BASIC had subroutines in IIRC 36 registers ([A-Z0-9], conditional jumps and labels.
I wish I had that source code. I can't see how I would ever do something like it again.