That is the entire point, yes. Reasoning about layers of completely imaginary entities is what demotivates me about C++ and Rust. Meanwhile, hardware bits are very real (and getting more expensive recently). Having implemented slices and generics in C, now C++ feels like Vietnam flashbacks.
Yet C23 isn't K&R C any longer, nor is the hardware a PDP 11.
Also when we eventually start talking to agents that perform the whole execution steps by themselves, that is kind of irrelevant.
Except for the lucky ones that still code to keep the infrastructure going, which is mostly C++.