My guess is no, since the folder is a magical protocol address that I assume VScode/codium wouldn’t understand for they insist on handling the directory hierarchy directly. Haven’t really troubleshoot that workflow though. I use exclusively Git with GitHub/GitLab. So there’s no need for GDrive with an IDE for me. My Drive is exclusively for personal files which most other Linux-as-a-first-class-citizen applications (LibreOffice, PDF readers, photo viewers and editors) just use as the OS gives it to them without issue.
ADD: I would imagine there’s an additional complication depending on whether Codium is running from repository or Flatplak.