I think it would be wrong to say that a bubble sort algorithm has a constant complexity just because it is only called with arrays of up to 10 elements in size.
However, I think it is fair that when trying to determine the overall complexity of a larger unit composed of lots of smaller algorithms, you could then treat the "up to 10 element bubble sort", as a kind of O(1) black box.
Well, that's just the thing with big-O. It is well known that you can hardly find an algorithm worse than Bubble sort. Nevertheless, Bubble Sort on at-most-10 elements does at most 45 compares (exactly 45 for 10 elements) and between 0 (sorted) and 45 swaps (exactly 45 for 10 elements reversely sorted). So, the upper bound of both the number of steps and the number of swaps is constant. Memory usage is constant (zero) as well. Thus, for that scenario, Bubble Sort is O(1) in every respect. It's still a pathetically bad algorithm, but it's formally O(1) by all means (if N is known to be small).
That's why big-O is so useless... it's a nice mathematical toy, but it (usually, most often) tells you next to nothing really useful.
Given N=10, Insertion Sort does 9 iterations (and 0 to 45 swaps) and it has the exact same complexity as Bubble Sort, doing only 1/5 the number of iterations.
However, due to moving around fewer elements, when dealing with reversely sorted or random elements, Bubble Sort indeed only performs 7-10% worse for N=10 than Insertion Sort on my machine if you count actual processor cycles. For an algorithm that is intuitively soooooooooo substantially worse that's surpsisingly good.
And believe it or not -- for laughs, I ran a quick benchmark for N = 10, 1000, and 10000. Turns out that Bubble Sort even outperforms Insertion Sort on random data for N=1000 by a factor of almost 2x. No you didn't read wrong. I assume that's because of a combination of more cache-friendly access pattern and moving around fewer elements.
Now I wonder if there is a particular size where it ouperforms introsort, too... almost tempted to try. Maybe this evening :)