VSCode runs on chromium, like any website you visit when using a Chromium browser.
VSCode -> Electron (essentially purpose specific web browser) -> Chromium
news.ycombinator.com -> General Purpose Web Browser -> Chromium
Which is exactly why VSCode has a near parity version that runs on the web, under any browser engine.
Saying VSCode is based on Chromium doesn't make any sense.
VSCode runs on chromium, like any website you visit when using a Chromium browser.