Yep. This is widespread practice in the industry and is arguably far superior to someone actually trying to model it all in C. It just looks weird in a disassembler because you end up with a million global variables and essentially no control flow.

(It's specifically Matlab Simulink for those playing along at home)

Ive exported several simulink models. Long functions, yes. Globals, no.

I've integrated several simulink models; they had an incredible amount of globals.