We can represent the extracellular fluid (ECF) in a discretized circuit model for a neuron as a long conducting wire with no resistance as the ECF has a much larger cross-sectional area through which current can flow.
Compared to the narrow axon, the ECF has a much larger cross-sectional area through which current can flow and effectively allows for many parallel pathways for current to travel, significantly reducing the overall resistance. Imagine a highway compared to a single-lane road. The highway, with its multiple lanes, offers much less resistance to traffic flow than the single-lane road, even if the road material itself is the same.
The distances over which current needs to travel in the ECF are much shorter than those within the axon. This is because the ECF surrounds the axon closely, minimizing the lateral spread of current.