AFAIK, it wouldn't be able to unless Python or Ruby provide a way to verify the signatures of the code they're executing, but even then ... that's not really what
code signing can do/is for.
Start with Intellicode/windows SmartScreen signing -- I have a code signing certificate - cost $100, had to bring a few forms of identification to a notary public, prove a few things about my physical address (which was awesome when you use a MVNO and don't have a land-line). At the end of the day, I can sign code that ticks the happy boxes in Windows 10, Visual Studio, etc. Obviously, the certificate signs evil as well as good. And my signature only really says "signed with the certificate that this person purchased".
On the more extreme end, imagine a hypothetical system -- from bootloader to OS and its configuration, everything must be signed with both my key and the key of my buddy Greg. We did everything perfectly so as to ensure that the bits inside these 5 programs are the only bits that have ever been signed with these keys and any other edge cases are covered -- i.e. it's a system that perfectly covers "This computer will do whatever these 5 programs tell it to do", and "We know these 5 programs are guaranteed to be unaltered"
That, alone, isn't a protection against "damage". More than code-signing is necessary for that:
1. Understand what the whatever is that the "allowed" programs do -- and (optionally/extreme cases) don't allow programs that can execute arbitrary, unsigned/unverified code.
2. Use every tool the operating system makes available to enforce what the program is allowed to do. If `python` is needed to run a script that copies file A on a remote server to file B on the local server, a start is to run with permissions that prevents python from damanging more than file A if the intended script were replaced with something-evil.py. How narrow you'll be able to define these rules depends on the capabilities of the operating system/hardware platform.
3. Further isolate (a.l.a. containers/container-like) -- pop it in a sub-environment (container/virtual machine) running a signed image that contains the python and the script -- no idea if docker provides anything here, but there's nothing to stop one from moving the whole thing to a small device with a signed bootloader/image containing the script that refuses to boot if any bit is changed on the device. It just depends on insane you want to get.
It's these permissions systems that prevent "damage" -- really, if the permissions systems were "perfect" they'd let you specify, precisely "in what context the application is allowed to perform what action". Code signing is, arguably, one of these permissions systems, too. Granted, without effective code-signing involved, the permissions checks can be bypassed in an undetectable manner.
I can't speak for MS -- not my employer -- but I worked for a large global telecom doing a mess of infrastructure development centered around security (among others). At the time, code signing/secure boot as it exists today ... I don't even know that it existed. We had a system that was allowed to run a single data translation program. It was possible to make this thing meet "spirit" of the above with a mix of hardware/physical security[0]. We had machines that enforced policies about what was allowed and disallowed. Every services security needs are different, and while there was certainly a "baseline -- everything at least does this", once you started talking wanting the assurances that "ensuring only signed code runs" involved, usually that landed it in the highest-security configuration for everything else (multiple-ring restricted internal white-list-only networks where inbound/outbound is tightly controlled and documented) followed by an analysis of the service to see how little we can give it and still make it work.
[0] I recall a box that ran a single DOS executable at boot from removable media where the drive had been jumpered to be read-only. It was locked in a cabinet in a data-center that myself and 5-or-so others had access to and its purpose was to receive data from a serial connection do dance around with it a bit and upload the resulting file at 1200 baud to God only knows where.