No. Bit patterns have been arbitrarily assigned to operations, much like with real processors. Usually with real processors, bit patterns have been systematically assigned to machine operations, but there is no inherent meaning to the patterns.
The word "execute" is often used to mean "perform the machine operation that an instruction asks for." So you can say that "execute the instruction 00000000 to stop the processor," or "billions of instructions execute per second." "Execute" is also used for an entire program or part of a program: "to execute the program, turn the switch to on."
Most programs have groups of instructions that are executed again and again. The light bulb program does this with an instruction that causes the processor to return to the beginning of the program and so to repeat what it just did.
A group of machine instructions that executes repeatedly is called a loop.
A modern processor executes billions of instructions per second. A program without loops would execute for only a few seconds even if it had billions of instructions.
A typical processor is made up of millions of transistors on a small wafer of silicon called an integrated circuit (also called a chip.) The light bulb's processor could probably be built with just a few hundred transistors. Integrated circuits are used for other electronic parts of a computer. For example main memory is implemented with memory chips.
Most modern processor chips have two or more processors on them. Each of the processors on the chip is called a "processor core" or often just called a core. Each core has the same set of tiny electronic operations and runs programs independently of the other cores. When a program is running, it runs on a single core, which performs the tiny electronic operations of the program one at a time.
Say that a computer has four billion bytes of memory and that memory is entirely filled with a single program. Each instruction is one byte long, and the processor can execute one billion instructions per second.
How long will the program run if execution starts with the first byte and there are no loops in the program?