Generally speaking we don't do 'full' EV formula calculations while at the felt.
Firstly, poker is a game of partial information, we don't (usually
) know our opponents'
exact holding so cannot complete the formula precisely.
Secondly, even if we did know our opponents' holdings, the ten seconds or so standard action time while playing online isn't going to be long enough for most people to do that level of mental arithmetic.
Outs and odds are far simpler, especially if you round each out up to 2%.
With regards to EV, it's more a case of experience gives you a rough idea of what kinda of EV you'll be getting in certain scenarios.
For example (a personal favourite [or peeve] of mine), when you have flopped air + flush draw, calling a pot sized (or larger) bet is essentially
always going to be -EV.
But you see fishies all day and every day eager and happy to call off the moon, sun and earth if they flop a flush draw.
Regardless if it's a naked draw, they have no other equity at all and even if they only have a four or five high flush draw- more than happy to put 100's of BB's and their tournament life on the line in situations where
they don't hit their draw 2/3.
If they're inexperienced it's fine* of course but players who apparently "
have some idea how to play" shouldn't be making big -EV donks like that...
In closing, when thinking in ranges we can't do exact EV calculations. They make excellent post-game tools for analysis to check our decisions but during play it's more of a 'balkpark' approximation of what kind of EV we'll be getting in certain spots garnered from experience.
*
For example, back when I was an even more terrible player than today, it used to be a "strat" of mine to just jam after flopping flush draws, hahaha.. In my defence that was the best part of 20 years ago!