It is a fixed size collection of bits (size is known at compile time); the library/compiler can (and is expected to) optimise it heavily. Therefore, the time complexity as a function of the logical number of bits in the bitset depends on the available processor instructions and the register size of the hardware platform (the standard can't really provide a complexity specification/guarantee based on the number of bits in the bitset; it's too implementation dependant)
For instance, x86_64, g++ 7.3, -O3 -march=native :