It doesn’t work for all nodes, but most. You cannot node to code a node which is a function - they have to be executable. Since your element.setparametervaluebyname is light grey we know it’s in a function state and therefore isn’t capable of node to code (More info here: Nodes | The Dynamo Primer).
You can node to code nodes which are in a warning state though. Try wiring “A”, “B” and “C” into the inputs and give it another shot.