The concept of a real closed field [0] (and its categorical second-order version, the Dedekind-complete ordered field) stands on its own, without multiplication being defined in terms of repeated addition. It is completely independent of whether you happen to encode the reals as Cauchy sequences, Dedekind cuts, or something else. The (equivalence classes of) Cauchy sequences are not the same thing as the real numbers, even if we sometimes abuse terminology in this way for expediency. The distinction becomes increasingly important as you delve into more exotic algebraic structures.
Another illustrative example is the Hessenberg product [1]. Even the ordinary product cannot really be reduced to "repeated addition", because you have to use the infinitary concept of a limit. And not just your everyday limit [2], but a limit on a proper-class sized domain [3]!
See also the category-theoretic product [4].
[0] https://en.wikipedia.org/wiki/Real_closed_field
[1] https://en.wikipedia.org/wiki/Ordinal_arithmetic#Natural_ope...
[2] https://en.wikipedia.org/wiki/Limit_of_a_sequence
[3] https://en.wikipedia.org/wiki/Order_topology#Ordinal-indexed...