tl:dr No. The value of N has no effect on time complexity. O(1) versus O(N) is a statement about "all N" or how the amount of computation increases when N increases.
Great question! It reminds me of when I was first trying to understand time complexity. I think many people have to go through a similar journey before it ever starts to make sense so I hope this discussion can help others.
First of all, your "funny operation" is actually funnier than you think since your entire nested for-loops can be replaced with:
result = array[N - 1] + array[N - 1]; // just some hilarious operation hahaha ha ha
Since result is overwritten each time, only the last iteration effects the outcome. We'll come back to this.
As far as what you're really asking here, the purpose of Big-O is to provide a meaningful way to compare algorithms in a way that is indenependent of input size and independent of the computer's processing speed. In other words, O(1) versus O(N) has nothing to with the size of N and nothing to do with how "modern" your computer is. That all effects execution time of the algorithm on a particular machine with a particular input, but does not effect time complexity, i.e. O(1) versus O(N).
It is actually a statement about the algorithm itself, so a math discussion is unavoidable, as dxiv has so graciously alluded to in his comment. Disclaimer: I'm going to omit certain nuances in the math since the critical stuff is already a lot to explain and I'll defer to the mountains of complete explanations elsewhere on the web and textbooks.
Your code is a great example to understand what Big-O does tell us. The way you wrote it, its complexity is O(N^2). That means that no matter what machine or what era you run your code in, if you were to count the number of operations the computer has to do, for each N, and graph it as a function, say f(N), there exists some quadratic function, say g(N)=9999N^2+99999N+999 that is greater than f(N) for all N.
But wait, if we just need to find big enough coefficients in order for g(N) to be an upper bound, can't we just claim that the algorithm is O(N) and find some g(N)=aN+b with gigantic enough coefficients that its an upper bound of f(N)??? THE ANSWER TO THIS IS THE MOST IMPORTANT MATH OBSERVATION YOU NEED TO UNDERSTAND TO REALLY UNDERSTAND BIG-O NOTATION. Spoiler alert. The answer is no.
For visuals, try this graph on Desmos where you can adjust the coefficients:[https://www.desmos.com/calculator/3ppk6shwem][1]
No matter what coefficients you choose, a function of the form aN^2+bN+c will ALWAYS eventually outgrow a function of the form aN+b (both having positive a). You can push a line as high as you want like g(N)=99999N+99999, but even the function f(N)=0.01N^2+0.01N+0.01 crosses that line and grows past it after N=9999900. There is no linear function that is an upper bound to a quadratic. Similarly, there is no constant function that is an upper bound to a linear function or quadratic function. Yet, we can find a quadratic upper bound to this f(N) such as h(N)=0.01N^2+0.01N+0.02, so f(N) is in O(N^2). This observation is what allows us to just say O(1) and O(N^2) without having to distinguish between O(1), O(3), O(999), O(4N+3), O(23N+2), O(34N^2+4+e^N), etc. By using phrases like "there exists a function such that" we can brush all the constant coefficients under the rug.
So having a quadratic upper bound, aka being in O(N^2), means that the function f(N) is no bigger than quadratic and in this case happens to be exactly quadratic. It sounds like this just comes down to comparing the degree of polynomials, why not just say that the algorithm is a degree-2 algorithm? Why do we need this super abstract "there exists an upper bound function such that bla bla bla..."? This is the generalization necessary for Big-O to account for non-polynomial functions, some common ones being logN, NlogN, and e^N.
For example if the number of operations required by your algorithm is given by f(N)=floor(50+50*sin(N)), we would say that it's O(1) because there is a constant function, e.g. g(N)=101 that is an upper bound to f(N). In this example, you have some bizarre algorithm with oscillating execution times, but you can convey to someone else how much it doesn't slow down for large inputs by simply saying that it's O(1). Neat. Plus we have a way to meaningfully say that this algorithm with trigonometric execution time is more efficient than one with linear complexity O(N). Neat. Notice how it doesn't matter how fast the computer is because we're not measuring in seconds, we're measuring in operations. So you can evaluate the algorithm by hand on paper and it's still O(1) even if it takes you all day.
As for the example in your question, we know it's O(N^2) because there are aN^2+bN+c operations involved for some a, b, c. It can't be O(1) because no matter what aN+b you pick, I can find a large enough input size N such that your algorithm requires more than aN+b operations. On any computer, in any time zone, with any chance of rain outside. Nothing physical effects O(1) versus O(N) versus (N^2). What changes it to O(1) is changing the algorithm itself to the one-liner that I provided above where you just add two numbers and spit out the result no matter what N is. Let's say for N=10 it takes 4 operations to do both array lookups, the addition, and the variable assignment. If you run it again on the same machine with N=10000000 it's still doing the same 4 operations. The amount of operations required by the algorithm doesn't grow with N. That's why the algorithm is O(1).
It's why problems like finding a O(NlogN) algorithm to sort an array are math problems and not nano-technology problems. Big-O doesn't even assume you have a computer with electronics.
Hopefully this rant gives you a hint as to what you don't understand so you can do more effective studying for a complete understanding. There's no way to cover everything needed in one post here. It was some good soul-searching for me, so thanks.
