Behavior of the <code> tag

Hello!

I was testing how sharing of code snippets would look like under the new blogging platform, so here what I wrote :

In the text editor, I used the <code> tag around my code:

But then I switched to the visual editor and it looked like this. Only the first paragraph was shown in the code font:

Switching back to the text editor, the <code> tag changed to contain only the first paragraph:

Is this the expected behavior for the <code> tag?