Awhile ago, we've used this code as data approach in a game development studio for everything. For example, maps/levels were stored as a Lua scripts that get executed on load and contain a sequence of PlaceObject, SetProperty, etc invocations.
It doesn't come without drawbacks, though. For example, Autodesk Maya stores scenes as Mel code (as a bunch of createNode, connectAttribute, setAttribute commands). This script gets executed on load in a single thread (utilizing a single from your N cores) and scene loading can take ~30 min on large scenes. Security is also an issue but it's fixable with proper environment sanitation and sandboxing.