I agree on the part of the opportunity cost and that given the transistor budgets of the time a simpler design would have served better.

I fundamentally disagree on putting the majority of the blame on the object memory model. The problem was that they were compounding the added complexity of the object model with a slew of other unnecessary complexities. They somehow did find the budget to put the first full IEEE floating point unit on the execution unit, implemented a massive[1] decoder and microcode for the bit-aligned 200+ instruction set and interprocess communication. The expensive lookups per instructions had everything to do with cutting caches and programmable registers, not any kind of overwhelming complexity to the address translation.

I strongly recommend checking the "Performance effects of architectural complexity in the Intel 432" paper by Colwell that I linked in the parent.

[1] die shots: https://oldbytes.space/@kenshirriff/110231910098167742