Hello Rajeev,
No, OutSystems is not just a code generator that one can extract code and commit to an external repository.
OutSystems as a platform has a built-in repository to manage various versions.
There is a notion of no lock-in. ie as long as you are using the platform, one does not get access to the source code. If you stop your OutSystems subscription then you can get access to the your code, that you can manage out of the platform.
For more details check here
Regards