The ideal software implementing a given functionality has as low of a carrying cost as possible. More code, in quantity and complexity, typically means more carrying costs.
One of the appeals of SAAS is that this carrying cost is easy to quantify and predict. Going further, for high-quality OSS projects like the Linux Kernel, the carrying cost may be 0 or close to 0 for most users. But lower quality OSS or buggy SAAS has a carrying cost in the form of bugs (possibly affecting downstream users), patches, need for support + back and forth.
In this analogy tech debt is a tradeoff for some short term benefit (like simplicity, time to market) at the expense of higher carrying costs down the line. But some carrying costs simply can’t be reduced - you can’t mooch off something like the Linux kernel, get your own carrying costs all the way to 0, or find a SAAS provider/vendor willing to give you the software for free. So in this model not all code is technical debt.