Depends on the location. I worked at a store like 2 years ago, could literally check out ANY game, whether it just released that day or not. The last store I worked at last year would only let you check out used games or things that had been out a few weeks
It was still pretty shady though. Some of the employees even redeemed one time use codes that were in the game cases they checked out, didn't even get in trouble
We can check out anything at my store as long as there are multiple copies (so customers can still buy the game lol)
I find it hard to imagine people got away with redeeming codes. That is considered stealing and wouldn't be tolerated at my store.