No, that law gives the Ways and Means Chairman access to anyone's records. Anyone. And specifically anyone without a legislative or investigative purpose.
Yet, somehow, this law doesn't conflict with the basic premise of the 4th Amendment? The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
So, the House Ways and Means Committee wants his tax records for what will amount to a political stunt. But only in a "closed door" session. Furthermore, if you think somehow that information will stay behind closed doors, you aren't keeping up with the "NEVER TRUMP!" movement on the DNC side of the aisle.
They have no probable cause to request those tax records as far as I'm concerned. This law enables them to request anyone's tax records they so desire and the IRS is forced to give them up. Say they wanted to request the tax records of the person running against them. They legally are allowed to see those records (provided in a closed door session) without any reason to that request. You don't see the dangers in giving the House or Senate full access to a person's tax records without sufficient reason? Right there in the 4th Amendment is mentions "papers and effect."
26 US Code SS6103 has never been tried (to my knowledge) in court. I'd be surprised if the SCOTUS doesn't side with the President and declare that section unlawful.