This argument is very much in line with Mike Acton's data-driven design philosophy [1] -- understand the actual specific problem you need to solve, not the abstract general problem. Understand the statistical distribution of actual problem instances, they'll have parameters in some range. Understand the hardware you're building writing software for, understand its finite capacity & capability.
It's common that new algorithms or data-structures with superior asymptotic efficiency are less performant for smaller problem sizes vs simpler alternatives. As always, it depends on the specifics of any given application.
[1] see Mike's CppCon 2014 talk "Data-Oriented Design and C++" https://www.youtube.com/watch?v=rX0ItVEVjHc