Probably.
Also, do we really need code names? I mean, especially for villains to have an easy name for yourself would be a problem.
There are some who don't have the two lives separate, or can't. Bitch is one, Lady Photon is another. So are people like Crawler and Newter. Some people cease to really have a normal life, as I think Hookwolf ended up doing, more or less. But the vast majority don't want to get hauled in when they're taking a shit. And of course, there's family to worry about.
On the other hand, a bunch of the players seemed dead set on having their characters be in the second category of cape.
If you haven't read Worm, I can explain the three categories pretty easily:
-The people who are basically in it for shits and giggles, having fun with super-powers but not really actually fucked up in the head or anything. About 90% of capes fall into this, hero or no. It's all basically a ridiculous game, after all, all this costume nonsense and whatnot.
-The people who are really dangerous, who you wouldn't want to mess with whether or not they had their powers, who get sent to the Birdcage(super-prison no one's ever escaped before suspended inside of a mountain) as soon as they're caught, rather than any 3 strikes nonsense. Heroes in this category are more like the people who are truly set on their mission and improving the world in some way, or tend to use a little bit more force than is strictly necessary when apprehending villains. People who might be villains quite easily in different circumstances. Usually pretty powerful, because they have to be, to survive. Not always, though. Sometimes they're just lucky or smart, which is power of it's own.
-The people who are basically threats to all life, that both of the above two categories set everything aside to deal with. The people who were psychos before they got their powers, and after. These are the ones that make you think 'ah, so this is why capes are needed'. Because without them, these guys level cities. In some cases, literally. They're almost universally powerful, because the ones that aren't die or get caught really fucking fast.