I'd say that some of the simpler common formulas are read aloud fairly commonly. Particularly with all the buzz about greenhouse gasses and such, terms such as CO2. are quite commonly heard as 'See-oh two'. In the context of a science lesson you might hear some of the simpler formulas read that way as well. Water is another common one, although you do tend to hear it as 'water' more than you do H20.
In my region, where the oilfields are a major regional employer, hydrogen sulfide (H2S) gas is a huge safety risk, so our local community college offers safety certifications for the general public a couple times a year.
It's so commonly discussed that most people around here do refer to it as "Eitch two Ess". Possibly because it's shorter to say than 'hydrogen sulfide'. Again, if roughly a fourth the regional workforce weren't employed in the field, I wouldn't expect the term to be so common.
But for the most part, people stick to the names. The average person, despite probably having some chemistry in high school and possibly college isn't going to remember many chemical formulas.