List insertion is O(1) if you insert it at the head, and while moving the most-recently-accessed link to the head of the chain doesn't change the worst case behavior, it greatly improves the average in practice (and is dead easy).

About allocation, I agree with you that it is "slow", but all reasonable computation models count a memory allocation as a constant time operation. If we want to go down that road and measure also memory operations, even random memory access would not be worst-case constant time: the MMU has to map the page to the physical location, and this is usually a logarithmic or amortized constant time operation.