Well, partly. Code is actually a piece of writing intended for two very different audiences - one human, one machine. The machine doesn't actually care how long your lines are - this is an optimization for humans.
And I hear you about fixing the tools. Wouldn't it be easy if everyone used the same editor. But alas, this isn't a problem with the tools. It's an inherent limitation of text. That "figuring out visual structure" bit only works if your editor deeply understands your language. And different editors understand languages to different degrees and in different ways.
They say parsing is a solved problem, but I dare you to parse Ruby or Python correctly.