How about Cantor's Theory in a Finite context?

Especially Cantor's Diagonal Argument and the Continuum Hypothesis.
Let's start with the diagonal argument, as found at the Wikipedia page. A finite context I said. So what would happen if we simply leave out all of the ellipsis in the first picture and proceed without them? What can be done analogously is the following.
  1. Generate all binary fractions in $[0,1]$ with $N$ bits
  2. Shuffle these $2^N$ rational numbers in random order
  3. Apply the diagonal argument to the first $N$ of them
The idea is that the first $N$ fractions are in one-to-one correspondence with a finite initial segment of the naturals. Here is an example for $N=4$ with natural numbers mapping (= index) on the left and the numbers themselves on the right: \begin{matrix} 0 & 0.\color{red}{1}010 \\ 1 & 0.0\color{red}{0}10 \\ 2 & 0.01\color{red}{1}1 \\ 3 & 0.110\color{red}{0} \\ 4 & 0.1101 \\ 5 & 0.1111 \\ 6 & 0.0001 \\ 7 & 0.\color{red}{0101} \\ 8 & 0.1001 \\ 9 & 0.0110 \\ 10 & 0.0011 \\ 11 & 0.1000 \\ 12 & 0.1110 \\ 13 & 0.1011 \\ 14 & 0.0100 \\ 15 & 0.0000 \end{matrix} $\color{red}{\mbox{Red font}}$ is used for the diagonal and the outcome of the argument, which is a number that is clearly not in the index range $[0,N-1]$. But all fractions with a finite number of bits $N$ are in the index range $[0,2^N-1]$, so the number that is diagonalized out must be in the index range $[N,2^N-1]$.
As a physicist by education, accustomed to limits and calculus, I would say that if $N \to \aleph_0$
then what is the cardinality of the whole set, including the elements that have been diagonalized out? I would say that it is: $2^N \to 2^{\aleph_0}$.
Isn't the above a decent heuristics that the Continuum Hypothesis is true?