That's understating the actual number of distinct components you need to know, but even so, just memorizing the individual ideograms still isn't enough to allow you to read Chinese with meaningful fluency.
Since the sound changes that had taken place over the two to three thousand
years since the Old Chinese period have been extensive, in some instances,
the phono-semantic natures of some compound characters have been
obliterated, with the phonetic component providing no useful phonetic
information at all in the modern language. For instance, 逾 (yú; /y³⁵/;
'exceed'), 輸 (shū; /ʂu⁵⁵/; 'lose', 'donate'), 偷 (tōu; /tʰoʊ̯⁵⁵/; 'steal',
'get by') share the phonetic 俞 (yú; /y³⁵/; 'agree') but their
pronunciations bear no resemblance to each other in Standard Chinese or any
other variety.
Or, consider 亭 (ting2), 叮 (ding1), 成 (cheng2), 打 (da3) which all supposedly derive their sound from 丁 (ding1) per the analysis at https://github.com/cjkvi/cjkvi-ids/. You can't just memorize the components and read all of these as "ding".
And beyond that, that doesn't help with being able to write. You can't just say "oh, I don't remember exactly how to write this word, but I'm just going to throw in some ideograph with the right phonetic component next to the radical and my reader will just know what I mean." You can't just take 瓦 (pottery) + 平 (ping2) to invent the word for vase. 瓶 (ping2) instead uses 并 (bing1), not to be confused with 井 (jing3).
