Nah, not really, at least not in web3 space, I've never heared "code" to be used to refer to law while talking about technologies and stuff.

Well, of course the term "code" can have multiple meanings depending on the context. In the context of law, a "code" typically refers to a systematically organized set of laws or regulations. (Like a penal code or a civil code)

In the context of programming, "code" refers to a set of instructions written in a programming language that can be executed by a computer. So I'd say it's not a low but a set of commands that make computer do whatever you want.