We strongly & emphatically disagree. Analysis assumes a homogeneous computational regime for the said “infinite” store otherwise it is basically meaningless. If this assumption is known not to hold (for example in considering the role of caching in algorithms), this is specifically incorporated in the analysis. See “cache models” and cache-oblivious algorithms for examples.

Cache-Oblivious Structures I, MIT, by Erik Demaine

https://www.youtube.com/watch?v=bY8f4DSkQ6M

Closing the Gap Between Cache-oblivious and Cache-adaptive Analysis

https://www.youtube.com/watch?v=eB_UH7tLomw

Analysis of Recursive Cache-Adaptive Algorithms, Andrea Lincoln, 2015 (thesis)

http://dspace.mit.edu/bitstream/handle/1721.1/100630/9332274...