The radio spectrum is an underutilized natural resource with significant untapped potential. The rapid proliferation of Internet of Things (IoT) devices is driving a dramatic increase in radio spectrum demand. These devices can utilize cognitive radio (CR) technology to access the bandwidth left unused by licensed spectrum users, also known as primary users (PUs), to meet end users spectrum requirements efficiently. However, because PUs are given priority, CR-enabled Internet of Things (CR-IoT) devices, also known as secondary users (SU), must frequently communicate with one another in an opportunistic manner or under stringent power constraints. This can complicate CR-IoT device communication, render it unstable, and restrict its throughput. This paper proposes a hybrid spectrum access algorithm that combines underlay and interweave spectrum access methods to address this issue. When a PU is detected, under the proposed scheme, CR-IoT devices utilize underlay spectrum access. In contrast, when no PU is detected, CR-IoT devices employ interweave spectrum access. In addition, a proposed iterative algorithm permits CR-IoT devices to adapt their sensing thresholds, and sensing time based on the Signal-to-Noise ratio (SNR) received from Pus to strike a balance between achievable throughput and fairness among PUs and CR-IoT devices in extremely noisy channel. Simulation results demonstrate that the throughput for CR-IoT devices increases by 28% in proposed scheme when compared to the conventional spectrum access schemes.