If you are dealing with a small set of really large numbers, then the lookup table will always be faster. Although, if you are dealing with a large set of small numbers, then even a slow procedure can be faster than maintaining a large table.
I looked in System.pas (where SQRT is located), and although there are several blocks marked as licensed from the Fastcode project, there is no SQRT . In fact, it just makes a call to the FSQRT assembly, so it most likely hasn't changed. Therefore, if at some point it was relatively slow, it is most likely still slow (although your processor can be much faster and optimized for this now ...)
My recommendation is to look at your usage and test.
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