The time to a target depends on the ratio of distance to the target over it’s size. So clicking on a small target close by might take a similar time to clicking on a large target further away. It’s a simple model and there are a few little games out there to bring it home in practice.
I’m reminded however, of an observation from a mentor of mine, Darrell Mann, that just because people call it a law doesn’t mean you have to treat it like one. The example of Apple’s standard program icons at the base of the screen that expand when you mouse near them, are a simple technique that help to overcome the limitations of Fitt’s law. There are plenty more. Don’t be sucked in to laziness by a name.