But even without any scaling factors, don't underestimate the size of the numbers involved. If you had two threads, one simply counting up to some n! upper bound, and the other up to 10^n - how long do you think the minimum problem size would take for the "slow" combinatorial to actually be slower than the exponentiation? Hint: at 4GHz and 1 op/cycle... Let's just say I'm not holding my breath that our species will still be around then. And even a tiny scaling factor to the mix...
I mean, if you're trying to estimate computational complexity at least, this nuance seems pointless.
But quadratic vs. exponential really matters, with plausible parameters.