In my honest opinion, it should not (and probably not) illegally look at the code, as it is open to everyone.
Using and learning from the source code are two completely different things. Working with someone without permission is simply wrong, regardless of context (code, images, art, etc.).
But learning from other source code is probably the best way to learn and become better.
As for their legal note, I think they just put it there to scare people away, but I don't think it will be in court.
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