No, WP will not respond to a 402 server error. If you need a specific error page, one that is
not 404, you create an actual page, then you add that information to your htaccess file so that when the server has a 402 error, it will display your page.
After you create and upload your page you add a line to your .htaccess file, something like:
ErrorDocument 402 /402.php
(assuming you name your page "402.php") But it can be "402.html" or whatever you like to name your error page, which would change what you tell the server to show for that error. It could be:
ErrorDocument 402 /my402page.html
If you wish to try some test with your theme's functions.php file that is a different method which I cannot guess whether it will work as expected or not, sorry. It would seem to assume that WP is receiving server errors which normally it does not.