Yes, but from what I've read by most "Code is Law" advocates, it seems to be more of a philosophical belief that participants in a network should abide by the results of the code, and any retroactive change should not be allowed via a hardfork.

I guess the most notable case of this was the arguments for "Ethereum Classic", where a hacker exploited a weakness in the code to obtain funds from the DAO in an unexpected way. The majority community response was to hardfork and revert this exploit. But a vocal minority argued that this reversion was morally wrong because "Code is Law" and so we got two Ethereum forks.