Not really. It's more like observing the number of shipping containers going in and out of a country and deriving some rough figures on the economy from there (or trends).

Lines of code have to be examined in detail to figure out their impact, concrete is the universal component of construction, if more concrete is used there will be more construction going on.

Loads of code means someone put lots of money into it, same as when loads of concrete is poured. It says nothing of the benefit of the program/structure that has been built.

I don't want to dub any specific piece of software the Three Gorges Dam of code. But it surely is out there.