Basic complexity theory is not concerned with access times because they work in operations. If your operation involves slow random access over network, then that is the basis. There are branches of complexity theory that takes those exact examples into account. Branches that proves certain time complexity in arbitrary cache hierarchy, or only allow streaming algorithms with no lookback. They all explicitly do this in terms of IO operations.
The basic theory is fine, and should be as it is for an introduction. Trying to teach a novice with respect to extremely complex CPUs or broader computer architecture is premature and sure to make many run away screaming. The overarching message should be, and in my experience is, that theory only guides you and profiling is superior.