Yes.

To be specific, it is data. It can also be code when placed in a context where code is expected (for example in the REPL).

If taken as code and evaluated it will probably raise some kind of exception (saying that '1' isn't a function). Saying that it isn't code because it raises an exception would be an interesting take, considering something like...

  (sqrt "Hello, World!")

...would also raise an exception (something about wanting a number and getting a string) when evaluated, yet I doubt many people would argue that it isn't code.

Data can also be taken literally, as is the case when macros get involved. We do that every time we define a function, for example:

  (defun square (x)
    (declare (type Number x))
    (* x x))

In this case the argument x is passed through a list which doesn't get evaluated as code.

And of course you can have conditional evaluating of data as code, which still makes it code even though it doesn't necessarily get evaluated:

  (define (may-error quote-the-thing)
    (if quote-the-thing
        (quote (1 2 3))
        (1 2 3)))

...which will only evaluate the literal list (1 2 3) when the may-error function is passed a boolean false value.