While you're not technically wrong at the SQL level, I believe there's a higher level of business problem that ORMs like ActiveRecord solve for that's being overlooked. (aka ActiveRecord got Airbnb and Shopify a long way in scaling both developers and product).
CPU time building a query is rarely the business bottleneck until you're at a huge scale - scaling up the engineering team uniformly and having business logic at abstraction level closer to the rapidly evolving Product specs is the bottleneck that ActiveRecord solves for, and does pretty well.
If you'd like something that avoids object/hidden state - check out how Elixir/Phoenix's Ecto[1] was designed - it avoids many of the shortcomings of ActiveRecord and SLQAlchemy:
CPU time building a query is rarely the business bottleneck until you're at a huge scale - scaling up the engineering team uniformly and having business logic at abstraction level closer to the rapidly evolving Product specs is the bottleneck that ActiveRecord solves for, and does pretty well.
If you'd like something that avoids object/hidden state - check out how Elixir/Phoenix's Ecto[1] was designed - it avoids many of the shortcomings of ActiveRecord and SLQAlchemy:
1: https://hexdocs.pm/ecto/Ecto.html