You have to do some due diligence to figure out what credits you can transfer. You don't want to waste your time and money on a class that doesn't count. But I know of some people who did this.
It's a better way to do it anyway. Lower level courses at big schools tend to be giant lectures, but many of those are going to be higher level courses at community college. Would you rather take Calculus in a giant lecture hall or a small class room? Same with Physics and Chemistry (although those at least have lab sections that are usually size limited)
I went to a community college for two years (it was free), and then transferred the University of Florida to finish my degree (a fine public R1 university by any standard), paying exactly $0 for my degree. I know people who followed that same path and went on to top tier law schools, medical schools, bulge bracket investment banking, etc.
Now I can look back and be grateful that I got a great education for free, but I was, and still am slightly embarrassed by saying I went to a community college.
I now live in NYC where I'm pretty sure people can do almost the same thing with the SUNY school system, and come out with an undergrad degree for like $30k (still a lot, but most folks I know paid $100k+ for undergrad degrees that are not substantially differentiated from the path I did).
SUNY system worked out for me and I'm not embarrassed of it. They almost screwed up my graduation with a one credit discrepency in the requirements with the transfer. You have to be careful and do their job for them checking up on that, I've learned.
Of course if you get through only two years, you'll (optionally) have a piece of paper, which might be better than dropping out of a four year school two years in.