This is not true, or the system wouldn't grind to a halt due to having to reload code pages (even those that are recently in use) from disk over and over.
For example, key presses and output streaming in SSH become unresponsive. The code pages for handling key presses and output streaming are obviously in use — I just used them!
But frankly, as a user I don't really care what the real technical reason is. I just don't think the system should become unresponsive for minutes on end during memory pressure. Just OOM-kill earlier, when it's supposed to.
The proper explanation is relatively straightforward. Normally, any memory request for a process is served by getting a page from the free memory pool. But when the system free memory goes below the low watermark (calculated from vm.min_free_kbytes and vm.watermark_scale_factor), the kernel stops giving the pages from the free memory pool and instead goes into direct reclaim, trying to find unused pages. While the kernel does reclaim, the allocating process remains stalled. The kernel can't return control to the process - there is no page mapped that the process tried to access. This applies to any types of pages - anon, file-backed, code pages. So, under the condition of free memory below the low watermark, any process trying to allocate memory gets stalled. This is measured as memory pressure stalls (PSI) in /proc/pressure/memory.
The problem with the system being stuck in an unresponsive state is that the design choice for the kernel OOM handling is to be optimistic and keep the workload running as long as the kernel is making any progress reclaiming pages. The direct reclaim process needs to fail to make any progress 16 times before the OOM killer is invoked.
The solution is to use cgroup memory limits to avoid getting into the situation of memory exhaustion and use user-space oomd to recover from this situation earlier.
Any repeatable way to prove your thesis or disprove the trashing-code-pages thesis?
You can also track variables from /proc/vmstat exported as node_vmstat_allocstall_(normal|dma32|movable), node_vmstat_pgscan_direct, node_vmstat_pgsteal_direct - you'll see them spike when the system enters direct reclaim.
Install and configure systemd-oomd and track its log - it will activate on memory pressure.
To track code page eviction/re-faults specifically, you'll need to write some eBPF code, there are no direct measurements for this available.