Also, the four fallacies of local computing:
- The CPU is infinitely fast.
- RAM is infinite.
- CPU caches don't exist.
- Cache lines don't exist.
- The computer is plugged to an infinite source of unlimited power
This was big before the mobile era and is true to this day to an extent. Many mainstream languages created in the 1990s (I call them "the children of the 1990s") were designed with this fallacy plus the ones you listed as a basis: JavaScript, Python, Ruby, Java, etc.
Today even tiny CPUs are really fast. Locally you have to mess up badly to run into trouble. But of course people will do exactly that...
Most real world problems still can be solved with 32-bit software, so the last ~20 years running out of RAM always counted as "using defective hardware". AI workloads now make things interesting again, but it's not that easy to hit the ceiling with real world workload.
Cache is indeed very important. Optimisations like that are gone when you go for distributed computing. Sometimes adding a single nop can do wonders. I wonder how many percent of developers have something in their toolbox to profile for that.
Disk never gets filled up.
It's more niche but also underestimating the impact of using SIMD in places where it makes sense. Especially in higher level, interpreted programming languages where the overhead for each iteration is much larger than the few assembly instructions it would take to perform that iteration without vectorization in a low level language.