Not much like clay
Terra cotta is Italian for baked earth. The words name the brown orange clay used for flower pots and roof tiles, as the Wikipedia article on terracotta explains. Dark terra cotta, #CC4E5C, looks quite different. It is a rose red that leans a little toward blue, closer to a deep rose than to a clay pot.
Where the code comes from
In 2013 the same Wikipedia article listed this shade with Encycolor as its only source. No paint or standard stands behind it. Plain terra cotta on this site is #E2725B, which that version took from a thread maker's color list.
Black text gets 4.81 to 1 on dark terra cotta and passes for normal text. White gets 4.36 to 1, so keep it for large headings. You can try both in the contrast checker.

