No it is more like the 10000 lines of code running in your washing machine, you will probably be updating it in the next year revision of the product.
It is quite common for this code to have all variables be global and just not have any heap allocations at all. Sometimes you don't even have variables in the stack either (besides the globals).
It is not that bad, the code is easier than your average web server and it is usually only one CPU for consumer devices. It gets bad if:
1) You add embedded linux
2) You have multiple CPUs that need to communicate with each other.
3) Both of the above (then the complexity skyrockets)
(this happens in modern cars)
So basically if it has a full LCD display (instead of 7-segment with a few extra toggle lights) I don't buy it.
It is actually quite refreshing code to read and write, yes the quality is often bad, but it often feels like school projects where they are small enough you can hold the complete system in your head. And it usually doesn't integrate with anything else besides the eletronics in the board
It is quite common for this code to have all variables be global and just not have any heap allocations at all. Sometimes you don't even have variables in the stack either (besides the globals).