I’m pointing out that, for example, comparison sort is only O(n * lg n) in theory if the theoretical model of computation we’re dealing with can compare any two items in constant time. Comparing arbitrarily large integers can not be done in constant time in theory, so if that’s the problem we’re discussing then the complexity will not be O(n * lg n). But again, we generally are implicitly concerned with models of computation where comparison is a constant time operation.

Yes, Big O notation measures asymptotic growth of functions. But what do those functions express? For them to express running times, you need to define a machine model. It's a model because it's not a real machine – we don't stroll into a computer shop and pick up some computer and use that as our reference. Instead, we define an abstract machine model. Often, that's the word RAM model which assumes that for an input size n, the machine can process words of size θ(log n) in constant time. This is reasonable close to how our actual computers work: 64-bit words, and we can do stuff with them in constant time. But it's not perfect, because the RAM model doesn't have any caches (let alone multiple levels of cache hierarchy), doesn't have disks, doesn't model the paging system, etc. If any of these things are of significant concern to you, pick a different model (e.g. an external-memory model to consider memory hierarchy, or look into cache-oblivious algorithms, ...).

But talking about asymptotic running time without specifying which model you're using is absolutely pointless.