I'm teaching a course of math for future primary school teachers and discussed with them a little bit this point.
In my opinion teaching multiplication table is necessary up to 10$10$ and completely useless afterwards.
The point is that the usual multiplication algorithm is devised exactly with this purpose in mind: you camcan multiply every pair of numbers as long as you know how to multiply two numbers which are both less than 10. So if you know the multiplication table up to 10$10$ by heart you know everything you need to multiply (and in fact also to divide) "everything". I think this is an useful conceptual point. I do not mean you necessarily say something of this kind to first grade pupils but that you can, in such way, make them understand alowsallows the power of certain algorithms.