[O] BUG? Text in the code and verbatim string is not processed

[hymie!]

So the documentation says

>You can make words *bold*, /italic/, _underlined_, =verbatim= and ~code~,
>and, if you must, ‘+strike-through+’. Text in the code and verbatim string is
>not processed for Org mode specific syntax, it is exported verbatim. 

However, that is not the behavior I am seeing.

In this construct:

  - ~cd ~/test~
  - ~cp foo foo1~

The tilde in the path ~/test is hidden when org-hide-emphasis-markers is
turned on.  Maybe that is confusing org, so I changed it to this construct:

  - =cd ~/test=
  - ~cp foo foo1~

In this case, the word "cd" is formatted as verbatim, but the word "/test"
along with the - on the next line are all formatted as code.

Am I misunderstanding what is supposed to happen, or is this a bug?

--hymie!