I will tell you this now, and once you start studio, you probably will think of me as a crazy person, BUT you will need to trust me on this; School days are the best days of the designer's life.
I think it's extremely important to emphasize that during your time in school you will get to be creative, innovative, adventurous, and wacky as you want without the constraints of codes, regulations, civil, and even gravity (as long as your model can support itself - you have yourself a project) - Try not to over occupy yourself with these rules yet. Your professors will guide YOUR design without hurting your creativity towards a logical design decision making that are bound with those codes and regulations.
Just an example from my experience, in school we were taught (not directly, but through a series of red-lines and conversations) what is the appropriate minimum width of corridors, or how to design appropriate stairs, how to set up a structural grid, or even making sure that the bathrooms have at least one stall measuring 5'x5' for ADA regulations, etc.
Once you understand an architectural rule of thumb you will use it again in your next project. So What happens in the end is that these regulations, rules, codes all become part of your artistic tool box. it's another pencil for you to utilize in your work. So to answer your question, no it does not limit you - it actually makes you a better designer.
In the field, for the most part you will be given a project that someone else had already conceived and designed (your boss) and you will need to scale back his design based on codes and regulations and whatever the engineers will tell you that you can't do.
Your job as an architect in the field is to solve problems - the code is like a cheat sheet someone put together to save you time and effort trying to solve that problem. Your performance in the field will be measured on how creative and elegant the solution you came up with to the problem.