Code of Conduct cannot stop someone from doing something.

It’s just a document.

However, in this case, the presence of the code of conduct has made it trivially easy to point out the language as wrong in a way whoever wrote this for Zig cannot refute.

It’s working exactly as it should.

How is it working? The post is still there, referring to people as "losers" and "monkeys". Was the author of the post chastised? Have they edited the post and apologized?

Heh. You've rediscovered Critical Race Theory, which was a graduate-level theory about how rules/laws are systematically applied to minorities/the powerless, and not applied to the powerful/project leaders.

Holding the powerful to the law is unfortunately, a separate issue to whether it's worth it to have written rules/laws in the first place.

A CoC could still be better than no CoC, even if it fails to rein in abuse from the top.

Seems there was some latency, now the post has been updated and those words are not there anymore.

Which suffice to say is not at all

They don't have to refute it; they have the power to ignore it.

To add to it, the post is still calling people losers and monkeys, so the CoC is clearly not working properly.

Might as well get rid of laws against murder because sometimes people commit murder anyway?

Not the same thing at all. There's consequences for murder, absolutely none for not abiding by this CoC; as clearly seen by the fact the posted remains as is.

A better analogy would be getting rid of laws against murder if its unevenly applied so people from a particular group always got away with it.

Yes the same way laws don't eradicate delinquency and crime magically. Humans are humans.