When computing asymptotic time complexity, can a variable dominate over other?
First of all, if $k$ and $n$ are bounded then all complexities trivialize to $O(1)$. Hence a better assumption is something like $k = O(\log n)$. Under this assumption, you can, for example, say that $O(k + n) = O(n)$, and even $O(k + \log n) = O(\log n)$. However, you cannot say that $O(kn) = O(n)$, since it's not necessarily true! If $k = \log n$, then it's not true that $O(kn) = O(n)$. Instead, all you can say is that $O(kn) = O(n\log n)$.