International Plumbing Code, at least as adopted in Florida, does allow it.
I have installed cellcore pipe underground and inside many houses and apartment buildings.The plusses are that it is cheaper and lighter than standard DWV grade or pressure PVC.
The minuses are that it is MUCH easier to damage than either of the other two.
For that reason, you need to be careful when backfilling that no rocks, etc, are allowed to touch the pipe. That is good practice in general, but critical with cellcore. It is also important, perhaps even more so, that the aboveground piping be "treated kindly".
If it were my house, that I wanted to live in forever, I would use pressure pipe. If it were something that I wanted to do as cheaply as possible, then I would use cellcore and be careful.