Interpreter? Sure. That interpretation is not "equivalent to executing the code", though.

Imagine a C compiler that does aggressive optimizations - sacrificing huge amounts of memory for speed. On one hand, it even reduces computational complexity, on the other it produces incorrect results for many cases.

GPT-3 as presented here would be comparable to that. Neither are equivalent to executing the original code.

Meanwhile, the result of something like gcc is, even if it runs on a computer with faulty RAM.