Yes, but the hashing of the merkle tree to obtain the merkle root takes like 10^4 hashes for 10^3 transactions.
Compared with 2^80 that is about the number of hash operations needed to find a POW block header, it it trascurable.
I'm not sure about that calculation to be honest. The merkle root is very simple to calculate and verify that's why it's so useful. The POW difficulty is in finding a hash starting with the right number of zeroes and containing the previous block header hash.