Comment by voidmain

If you are building an application, you can and should know what your absolute time/power/cost budget is and evaluate the "speed" of operations against this absolute standard. It does not matter that some operation is 100x slower than it could be if it is still 10,000x faster than you need it to be.

But a lot of software engineering goes into building tools, libraries, frameworks, and systems, and even "application" code may be put to uses very distant from the originally envisioned one. And in these contexts, performance relative to the "speed of light" - the highest possible performance for a single operation - can be a very useful concept. Something "slow" that is 100x off the speed of light may be more than fast enough in some circumstances but a huge problem in others. Something "very fast" that is 1.01x the speed of light is very unlikely to be a big problem in any application. And this is true whether the speed of light for the operation in question is 1ns or 1min.