The code section at issue does not deprive your parents of control over you, their child. It relates to whether you can be charged with truancy.
If you want to drop out of school, your parents would be within their rights to ground you to a room containing a bed, bedding, and a change of clothes, no TV, electronics, games, computers, cell phone... and tell you to enjoy your life outside of school. Then when you turn 18 they will be free to show you the door.

