Nope. This is actually the unique id of the product, used in key places like product lookup and caching. You'll actually receive validation errors in Sitecore if you try to use a duplicate Product Code. Even in product family scenarios, the value must be unique between parent (Variable Product) and children (Variants).
There are also restrictions on characters used in the Product Code, due to the fact that these are used by default as part of the url for the product detail page.
Your product SKU, however, can be any value you'd like.