When somebody says “Iterating through a linked list is a O(N) operation” what they mean to say is “The number of instructions needed to be executed grows linearly with the size of the list.”. That is a correct statement. The argument I’m trying to make is that it would be a mistake to also assume that the amount of time needed would grow linearly with the size of the list as well. This is an important distinction. If you only care about the number of instructions executed that’s fine, you can use Big-O for that! If you care about the time taken, that’s fine too, and you can use Big-O for that too!
Sadly, he doesn't take this knowledge to its conclusion. Let's introduce the notation Oi() for the Big-O notation in instructions, and Ot() for the Big-O notation for time.
Lemma: For all f(N), if Oi(f(N)) > Oi(g(N)), Ot(f(N) will be > Ot(g(N)).
Or put another way, it's important not to confuse complexity scaling with time scaling, but the more complex the computation, the longer it will take.