time complexity – Big-O of iterating through nested structure

While trying to understand complexity I run into an example of going through records organized in following way:

data = (
  {"name": "category1", "files": ({"name": "file1"}, {"name": "file2"}),
  {"name": "category2", "files": ({"name": "file3"})

The task requires to go through all file records which is straight forward:

for category in data:
  for file in category("files"):

It seems like complexity of this algorithm is O(n * m), where n is length of data and m is max length of files array in any of data records. But is O(n * m) only correct answer?

Because even there are two for-loops it still looks like iterating over a global array of file records organized in nested way. Is it legit to compare with iteration over different structure like that:

data = (
  ('category1', 'file1'),
  ('category1', 'file2'),
  ('category2', 'file3'),
for category, file in data:

…where complexity is obviously O(n), and n is a total number of records?