I suspect Meta Slider Lite v2.2.1 is a plugin and that the instructions are telling you to either use a shortcode in the WordPress editor or the PHP code in a template file. They are not likely to be telling you to use both at the same time.
I don’t know what a text module is, but I suspect it is a modified text widget. By default, text widgets do not expand shortcodes or a run PHP code.
Check the Pinboard documentation (or with their support) to find a module that will expand shortcode or run PHP code.
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