yes but it's easy enough to issue a cache flush when you modify the code.

The overhead of cache flushing means some old school techniques are no longer viable, like modifying a constant in the next instruction. However it is still interesting to write machine code snippets once and execute them many times, like the nested function trampolines. I had a case where I had RGB masks like R=0x00ff0000 etc (loaded at startup once) and wanted to convert 0x00rrggbb to match the mask (so no-op in the common case but not always) which could have involved setting the shift amounts in a series of shift instructions.

The Linux kernel uses self-modification to change branches depending on whether certain features are on. For example when a user-mode process starts tracing a certain function, it adds code to the beginning of that function to trace the call, otherwise it pads that space with a no-op. JIT compilers also make good use of knowing whether a class has any subclasses, which is statically unknowable in Java but dynamically knowable.