can any hash table whose hash function operates over the entire string ever show O(1) time?
As a hash table gets larger, the cost of key hashing (for the same domain of keys) does not increase. Of course hashing and comparison performance can still be important, it's just not what is generally being analyzed with basic complexity theory.
If we limit the length of the has key, the time taken by the hash function is also limited and turns into a constant. Big-O is all about asymptotic behavior.
OTOH noticing how the hash function's run time depends on the size of the key can be separately useful. I suspect all such functions are linear in practice, though.