You are correct, "it" could refer to a feature in the first instance in that sentence, but probably not the second instance (since we don't usually talk about making a feature open source.)

The most coherent interpretation of that sentence is that "it" refers to code in both instances. However, the intent of a sentence is not always the same as it's most coherent interpretation and "it" misuse is a frequent cause of unintentional ambiguity. (That's why I qualified my statement with the "implication seems to be" language.)