I have been there a couple of times, and how some stuff is handled in these codebases were sad. Sloppy, assumption ridden, or pure, inelegant and fragile hacks.
Even if you're reading a code to modify it, good code is easier to follow and read (point of the junior developer), and as a result, you touch less and less parts of the code to develop it even further.
So yes, Good code is rarely read, or "read less, and in more niche cases".