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.
https://www.sciencedirect.com/science/article/pii/S016764232...
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.
Very easy to hit the 3GB limit imposed by 32-bit architecture for any non trivial data processing app but luckily 64-bit is firmly established for at least 10 years