If you meant to say that it depends entirely on content, then I agree. It is the data stored by the unique sequence of bases that matters, just as it is the data that is stored in its proper sequence that distinguishes one computer program from another, or one digital song from another on a DVD or CD-ROM.
No, because a sequence is interpreted differently depending on its context. The simplest example is frame. Any small random sequence, say 3 bases, has functional meaning in the context of neighboring sequences or environmental molecules.