I think I do about the same thing, but isn't this slightly misleading? Since the or binds least tightly, if I were to show precedence, I'd do:

if (       defined $settings && ! $settings->{hidecode}
       and $codtype{ $node->{nodetype} }
    or     $node->{code}
       ||  containscode( $node->{doctext} )
) {
# ...
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In other words, I'd line up the horns of the or at the outermost level, and then the and, etc.

Or did I miss the point you were trying to make? (No pun intended ;-)

This is similar to how I indent SQL where clauses:

where
       EXISTS (select 1 from users where
               users.user_id = acct.user_id
    or    (acct_id is null
       and user_id = 0)
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