It's not a real competitor by any means. I don't need git integration or a debugger in my IDE, these are wasted features for web dev (the best debugger is the browser because that's where the code actually runs...). I dislike how the "search across project" works - sublime presents search results on a huge screen, but Code is confined to the side bar, really difficult to find what you're looking for given ~250px of space. Code's code highlighting is very bare, it doesn't highlight enough for me, I have to read the code too much. And Code wants me to Tweet my feedback? They actually built twitter into an IDE? Wtf
It's just a typical Microsoft product; too little too late, and nothing special.
For your use case perhaps, debuggers are invaluable if you are using a backend language that isn't javascript, XDebug with Intellij is outstanding for those rare times you really need a proper debugger.
To my point, Code is just a weird mish-mash of features. Is it an advanced text editor like sublime or is it an IDE? In either case, it's bad at both.
So no, from the available evidence, VSC and Atom, there is no way that an editor written in a heavily abstracted and interpreted language and VM can match the performance of Sublime.
Sublime uses high level language (python) too but not for rendering.