On one hand, it seems to make no sense, because of the following:
When expanded, the claim $f(n,a) \in O(n/a)$ would be
There exist $C > 0$, $n_0$, and $a_0$ such that if $n \geq n_0$ and $a \geq a_0$, then $f(n,a) \leq C \cdot n/a$.
Now, given any $\epsilon > 0$, we can find an $a_\epsilon \geq a_0$ such that $C \cdot n_0/a_\epsilon < \epsilon$, and thus $f(n_0, a_\epsilon) < \epsilon$.
So for any $\epsilon$, there is an input, with $n = n_0$ and $a = a_\epsilon$, at which the algorithm takes less than $\epsilon$ time to run. But any nontrivial algorithm performs at least one operation, regardless of the input. So this seems nonsensical.
On the other hand, you can imagine someone saying that some approximation algorithm runs in time "$O(n/a)$", where $n$ is the size of the input and $a$ is the maximum multiplicative error.
And in fact, there is a paper in which an algorithm is claimed to run in "$\tilde{O}(\frac{n}{A^3 \epsilon})$" time. (Yes, I know $\tilde{O}$ is different from $O$). I asked a longer question about that here. This question is an attempt to isolate the core confusion there.