Microsoft Learn: Invite contacts to your Power Pages sites - This documentation details the invitation workflow, stating that the email sent to the user must contain a link to the redemption page, and the code is typically passed to facilitate the process.
Source: "Send an invitation... The email contains a link to the redemption page with the invitation code."
Microsoft Learn: Configure authentication in Power Pages - Describes how the invitation model links a contact to a local or external identity, verifying the user's association with the initial contact record (and email).
Source: "Redeeming an invitation allows a user to... associate the contact with a local or external account." (Implies validation of the contact's identity/email via the code).