Of course in the name of not using the same golden hammer for all problems, extremely large systems like the web and text editors should each be considered in their own rights for the best solution for each of those.
I'm not just saying that people have lost track of the importance of efficiency. I am saying they've lost track of how to actually do it. I think at least 95% of the programmers working in Silicon Valley have no practical idea of how to make code run fast. Of the remaining 5%, a very small number are actually good at making code run fast. It's a certain thing that you either get or don't. (I didn't really get it when I started in games, even though I thought I did ... it took a while to really learn.)
Forget 16ms, I would be happy to get to an order of magnitude slower than that for much of today's software ... it would be a massive increase in human happiness.
You can make a decent argument that's the only realistic way extremely large systems like the web can possibly come about. It's not pretty but the track record of the alternatives is worse.