Obviously the methods differ, but the intent is the same. Relatively speaking, time code is merely the address given to sequential physical units which have exhibited some uniform time existence. Notice that the word frame did not even appear in the above sentence. Time code is a ruler, a measure, a captured clock, time in a bottle. It bears some semblance to real time in that it is counted in similar units, but that is where the similarity ends.
Real time is ephemeral.
Time code is not. Time code provides us Neanderthals a method of placing a measure of time to an event which, when re-played, has always occurred in the past. Back in the good old days we used to sit around the fire in front of the cave and tell stories utilizing time code. We measured our existence by a time code system of moons and planetary movements. When you think about it, we really haven't progressed all that far.