> As I understand it, it's not quite as simple as that when the number of satellites gets large.
I'm not sure "simple" is the term I'd use, but given the satellite ephemera and timestamps, the algorithm for knowing where the satellite is and therefore ignoring that chunk of sky when the satellite passes through is well-understood (and we can certainly mandate that every launching organization maintain correct and up-to-date ephemera).
Telescopes observe a tiny, tiny sliver of the night sky. The density of satellites necessary to interrupt them continuously would be something well past the expected launch capacity of this century alone (and would create its own navigational problems were we to achieve it).
> The cost of the launch is not the largest part of the cost of having space telescopes.
Not as they've been done, because the cost of launch was so high that it could only be justified by putting a perfect-mirrored device that could see all the way back through spacetime to the first microseconds of the cosmos in orbit. Now imagine the economics when you're putting a hundred up at that price, not one (and you can use algorithms to combine signal from them to account for lower resolution).
... imagine having, with the right math, an aperture the size of the orbital diameter of the Earth itself...