I liken this to how my own final exams in school were. We had a "cheatsheet" on the front of every exam [1] with all the formulae that might (or might not) be relevant, even simpler stuff like pythagoras' formula was on there that everyone ought to know by that point. We also had access to calculators.
This is, of course, after years of learning without cheatsheets and calculators, where you learned to intuit if a number actually made sense when spat out by the calculator, and when you learned when and how you're supposed to use a certain formula. For example when doing any kind of Physics or Chemistry you're working with numbers that don't make intuitive sense (and often are quite literally imaginary!), like things that are to the ^32 or ^-28, but you still learn to intuit whether the relative scales of the numbers make sense with what you'd expect to see given similar prior experience.
As for the formulae, even with the cheatsheets if you didn't know why or how some of the formulae were supposed to be used, well good luck to you because just knowing the formula isn't even half the picture. I just dug up an example formula reference sheet and despite definitely knowing a lot of the stuff there, I haven't practiced a lot of the maths involved here in years so I wouldn't be able to get anywhere close to answering some of these questions despite my access to the formulae.
AI takes all of this to an extreme. People simply plug in their question into their chat interface of choice and don't even bother reading the output even slightly. It'd be like seeing that the mass of a planet is x^-27 and not realizing you must've input something wrong because you simply trust the calculator without any understanding of what numbers you're plugging in.
[1] - As an example of what I had - https://pmt.physicsandmathstutor.com/download/Maths/A-level/...