No it’s not, unless the speaker is a foreigner, learning the phrase purely phonetically. When a native speaker speaks, they are not just pronouncing sounds, they are communicating meaning. “Saying” “I will meet you by the sea” is distinct from “I will meat you by the see”. People who do not read will still realize they are different words that are pronounced the same.
Anyway, if you are using a quote with conventional spelling and alphabet, that is clearly referring to the meaning of words and not their pronunciation. If you are referring to the way words are pronounced, it is more proper to use the phonetic alphabet.
But even going with your argument, “CUDUV” is distinct from “CUD UV” and could’ve is pronounced by some people as “cuduv”, “cudav”, and “cudiv”.