But any heavy use of "no-code" apps also ends up looking this way, with "straight-up code" behind many of the wysiwyg boxes.

Right, but "no-code" implies something: programming without code. Excel is not that in any fashion. It's either programming with code or an ordinary spreadsheet application without code. You'd really have to stretch your definitions to consider it "no-code" in a way that wouldn't apply to pretty much any office application.