O(1) is in the mythical (easy to analyze, good approximation due to small constants on the sqrt(n) and log(n) terms) data model where random memory access is O(1), but it's not physically possible.
As far as I know (and I may just be ignorant), ignoring the very important part of the equation that are caches, it doesn't really matter what row/column you address in RAM, at that level things are dictated by clock speeds.
Caches are obviously very important though, and beyond optimizing the probability of cache hits, on modern CPUs some cores are "closer" than others and thus cache-interactions between them are faster: https://github.com/nviennot/core-to-core-latency And if you optimize based on this you can get speedups, both at the macro level by doing things like scheduling things that talk on "close" cores, and at the micro level by doing things like implementing NUMA aware locking primitives: https://dl.acm.org/doi/10.1145/3477132.3483557
There's also definitely been CPUs (not sure if this is still a thing) where some cores share memory channels and some cores don't so you can access RAM faster (higher bandwidth) if you spread your access between the two sets of cores instead of staying within one.
I agree you don't often care about this scaling factor though, the O(1) random access ram model gets you pretty far and after that you're probably interested in optimizing for some specific data size anyways.
But it's actually a place where practice happens, by coincidence, to match theory pretty well: https://www.ilikebigbits.com/2014_04_21_myth_of_ram_1.html
Though once you're at the "distributed" tier, I wouldn't expect further increases to be sqrt. Distributed within a datacenter is probably going to have a log(n) topology of links, and distributed across datacenters is a fixed number of milliseconds based on the area you're serving with no real connection to amount of RAM.