the 'microcode' inside cpu chips today is a totally different animal—it doesn't interpret the amd64 or other instruction set, but rather compiles (some of) it into the micro-operations supported natively by the hardware. but from the user's point of view the bigger difference is that the perq's microcode
was accessible in the sense that you could write your own microcode and load it into the cpu. current popular cpus do have the ability to load new microcode, but that ability is heavily locked down, so you cannot control the microcode you are running
microcode became a popular implementation technique in the 01960s and fell out of favor with the meteoric rise of risc in the 80s
i think it's reasonable to say that an instruction set emulated by the microcode is a 'native instruction set' or 'native machine language'; it's as native as 8086 code was on the 8086 or lisp primitives were on the cadr. but in this case there were evidently several machine languages implemented in microcode, p-code being only one of them. so it's incorrect to say that p-code was the native machine language, it's incorrect to say that 'the cpu board was all logic chips implementing the p-code machine language', it's incorrect to say that 'they built a microcode sequencer (...) to execute a p-code variant', and it's incorrect to say 'they designed a board to execute p-code directly'