Please let me add the nested-regex-approach. I wouldn't call this a
solution but just an approach. No one understand that regex it is
nearly unmaintainable.

I hope for a more elegant solution.

This matches if we have code in verbatim
^|[ .,;:\-?!({\"']=.*?(?:^|[ .,;:\-?!({\"']~.*?~[.,;:\-?!)}\"']|$).*?=[ 
.,;:\-?!)}\"']|$

This matches if we have verbatim in code
(?:^|[ .,;:\-?!({\"']~.*?(?:^|[ .,;:\-?!({\"']=.*?=[.,;:\-?!)}\"']|$).*?~[ 
.,;:\-?!)}\"']|$)

If one of this matching I now which one of my "usual" regex pattern using 
catching groups to extract the content I should use first.

Just for testing (maybe on regex101.com) here is the text I used.

This =is ~code~ in verbatim= text.
This =is usual verbatim= text.

This ~is =verbatim= in code~ text.
This ~is usual code~ text.

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