Is there a unit of measurement that can express code execution speed in absolute terms?
I think the comparison is a bit clouded actually. Some unspoken concerns are that you can't claim python will compile to precisely 72+8n bytes by reading the high-level code.  There's a virtual machine with untold optimization and overhead heavily dependent on memory layouts, CPUs, your OS, even your version of Python. Memory blocks might be allocated in fixed increments: 1KB page even if all you need is 100 bytes.  Then within your fancy hyperthreaded CPU it might decide to pack bytes together, or rip them apart to run someone else's code along side yours.  So how many physical bytes you use in the program can be far more than you expect you need.  I think those issues seem to hit at the same ambiguity you considered with time.

In the literature on complexity these concerns are usually given with footnotes.  That is we accept that asymptotics are necessary for modeling time and space because we cannot quantify the really fine details, and if we could, the results would be unusable. 

So I think the answer to your question is no, there is no such unit, but that there isn't one for space either.  It is important to remember that the role of modeling an algorithm is to know its behavior in broad strokes.  If you model it so precisely that you can predict it to the fine detail chances are your model is as complex to evaluate as the thing it is modeling.  We need models that simplify so we can get at identifying the big bottlenecks and not get stuck in the weeds.  (Probably that is a theorem whose proof is basically the same as the proof that there exist Kolmogorov random sequences -- but I only speculate on that point.)



As a side remark, there are time-space complexities which measure the two together and these can come closer to modeling resource use in real life.  These can be quantified with units of "power" (Watts) or in economic models as "cost" ($$ spent to run).