So the company I'm at does an excellent job on this, in my view.
But!
Other than being well tested and understandable, code quality is defined as being aligned with whatever our internal standards happen to be and being well suited to purpose. If you showed up with a big refactoring cl, you'd have to be pretty darn convincing that this was enough better than what we had before to justify the change costs.
Code quality is definitely important, but I think there is sometimes a tendency to treat it as holy and not subject to pragmatism. A given amount of code quality is only worth it if it's worth it, and that can be subjective and situation dependent.