Modern processors (i.e., those not very constrained that are less than some 20 years old) are superscalar, i.e., they execute more than one instruction at a time (given correct instruction ordering). Latest x86 processors translate the CISC instructions into internal RISC instructions, reorder them and execute the result, have even several regster banks so instructions using "the same registers" can be done in parallel. There isn't any reasonable way to define the "time the instruction execution takes" today.
The current CPUs are much faster than memory (a few hundred instructions is the typical cost of accessing memory), they are all heavily dependent on cache for performance. And then you have all kinds of funny effects of cores sharing (or not) parts of cache, ...
Tuning code for maximal performance starts with the software architecture, goes on to program organization, algorithm and data structure selection (here a modicum of cache/virtual memory awareness is useful too), careful programming and (as te most extreme measures to squeeze out the last 2% of performance) considerations like the ones you mention (and the other favorite, "rewrite in assembly"). And the ordering is that one because the first levels give more performance for the same cost. Measure before digging in, programmers are notoriously unreliable in finding bottlenecks. And consider the cost of reorganizing code for performance, both in the work itself, in convincing yourself this complex code is correct, and maintenance. Given the relative costs of computers and people, extreme performance tuning rarely makes any sense (perhaps for heavily travelled code paths in popular operating systems, in common code paths generated by a compiler, but almost nowhere else).