No. This is outright WRONG.
As others have pointed out, complexity classes describe asymptotic complexity. In other words, Big O describes
scaling properties of the algorithm with regards to input size. The value is rough regression shape of the performance function if computed from 0 to infinity.
O(1) is by no means expected to outperform O(N^2) for any practical dataset. One algorithm is constant time (even though the constant can be so large that it will not finish before heat death of the universe), the other gets quadratically slower as the input size increases.
For example if O(n^2) algorithm can be implemented with SIMD, you could easily expect it to heavily outperform O(n) algorithm on many practical datasets when wall-clock performance is measured.
You can't draw immediate conclusions about performance of the algorithm from Big O class alone.