Not in the sense you mean. I think the other comment is talking about multiplication without carry, which is a simple form of hashing, but no one I'm aware of uses this for numerical computations. However, floating-point multiplication is inherently an approximation, and the precision of the input is first limited to the bit depth of the sensor channel no matter what, and then typically reduced further anyway by norming everything to fit between -1 and 1 in order not to overweight the importance of input features with naturally larger values as well as to just fit into f16 registers that a typical GPU might have tens of thousands of. Plus, while I don't know what they're doing these days with vector embedding in LLMs, with older school NLP, the probabilities you're dealing with are so small that the only way to reliably get joint distributions is to take the log and add instead of multiply. Otherwise, you'd be very quickly rounding to 0 in what can fit into any floating-point width.
Something to keep in mind is a lot of these matrices are sparse, though. When most of the entries are 0, specialized data structures that know this can avoid doing all of the pointless multiplication by 0 operations. This saves far more time than some kind of approximate multiplication would.