FALSE.
While it is certainly true that students need to learn skills in how to access and process the tremendous amounts of information available today, there is no substitute for possessing a large body of internalized core knowledge. Memorized information gives the student helpful accessible information in immediate recall that will benefit him the rest of his life.
Fluency and accuracy
For example, people can "look up" how to spell the one hundred most commonly mispelled words and how to properly use English grammar, but they typically don't take the time to do so; therefore, their usage and accuracy is hampered. The student who knows these things simply uses them, quickly, effortlessly, and often.
Richer understanding from the same information
The student who deeply knows his subjects -- history, literature, geography, the Bible, science, math, and Latin is one who easily recognizes references and allusions in various literature, speeches, and plays, etc. This provides the student a much more vivid understanding of what is going on. She understands more, because she "sees" more. Despite good intentions, perhaps, the student who has to "look up these things" probably won't, and so misses much.
More immediate recognition
Vocabulary can be looked up, but the majority of adult English words come from Latin origins. The student who knows even basic Latin is equipped to identify the meaning. This is also true with scientific terms, many of which are straightforward Latin words. The prepared student knows what they mean and is less likely to be confused or to forget, because they are literal to him. These terms are not diffcult to learn, nor were they intended to be; they were simple, clear names in Latin.
Paying a higher "compounded" price later
The student or parent who thinks that memorizing key facts is too much work in the earlier years tends to pay a high price later. In the high school and college years that student finds herself confronted with more challenging, faster-moving academics without a strong, mastered body of knowledge. That's when the academics "seem" difficult or complicated or overwhelming, but a directly-contributing factor might be too small of a mastered foundation. The student then has to "paddle" harder to keep up and has to look up meanings and connections that would be easier with mastered facts, timelines, and relationships.