I would also guess that 18 oz wouldn't reflect the total weight applied to the object ball because your hand and possible more of your body is also connected to the cue. Not to mention that if your cue is not perfectly aligne to the vertical and horizontal center of the cue ball (which is impossible due to the rails) you will have energy loss due to the cue striking the ball at a different vector than the cue ball will travel and due to energy used in creating english.
The vertical component of the angle of the stick does mean that some of the energy is transferred to the table.
The reason that most neglect the hand/arm in the equation is because the contact time is very short and relative to everything else, out hands are basically gelatinous blobs that allow the cuestick to basically float during the contact time. Long story short, we simply cannot grip the cue solidly enough to make much of a difference in the impact mass of the cue.