One of the nice things about the syntax is that you can be sure that a CREATE OR REPLACE
will never cause you to lose data (the most you will lose is code, which hopefully you'll have stored in source control somewhere).
The equivalent syntax for tables is ALTER, which means you have to explicitly enumerate the exact changes that are required.
EDIT: By the way, if you need to do a DROP + CREATE in a script, and you don't care for the spurious "object does not exist" errors (when the DROP doesn't find the table), you can do this:
BEGIN
EXECUTE IMMEDIATE 'DROP TABLE owner.mytable';
EXCEPTION
WHEN OTHERS THEN
IF sqlcode != -0942 THEN RAISE; END IF;
END;
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