Sure, why not? It's not like most of the features are strongly tied to VS Code being a browser app. Implemented against a different platform they'd probably look different. Maybe a bit less shiny, but likely a bit more performant.
I'm not a fan of electron either, but when it comes to just HTML/CSS/JS, nothing beats it in developer productivity. The business logic is (of course) a sep discussion.
By the way, I have professional experience in HTML/JS/CSS/WPF/WinForms/Qt/Android/UIKit.