Yes. The each function just passes through every object in the array.
code 408 is one of the instances of a RPG::EventCommand. You create an event command, you create a RPG::EventCommand. 408 is when a comment goes on to a second line.
Comment : something # Code 108
something else # code 408
Comment : blah # code 108
blah else # code 408
blah blah blah # code 408
Each line is an event command with it own code a parameters array. For the comment command, paramters = ['Comment line'].
Check my event spawner, as I heavily went into each RPG::EventCommand code, parameters, etc. for every event command.