This is certainly interesting idea, but I guess main problem isnt just UX and representation on 2D surface, but just pure amount of text data that you suppose to look at and understand what exactly it does.

When you have fiction or game dialogue text there is good bunch skimming going on so you dont care about every single symbol and or digit. So eyes dont get stuck looking at specific parts of text.

So yeah its very much possible that using VR as a virtual monitor setup it's just wrong aproach and there have to be paradigm shift in how we interact with dev environment to use it efficiently in VR.