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I've read that ACE and ARB inhibitors promote the generation of nitric oxide.

the hypothesis about ACE inhibitors and ARBs promoting covid-19 severity has never been proven in any human study and in fact ARBs have been shown to reduce mortality in one of the few covid studies which have been done:

Anti-hypertensive Angiotensin II receptor blockers associated to mitigation of disease severity in elderly COVID-19 patients https://www.medrxiv.org/content/10.1101/2020.03.20.20039586v...

I'm not saying that ACE/ARBs promote covid19 severity but rather they promote nitric oxide production.

Yes, they do that. It would be consistent with the results seen:

Treatment with ACE-inhibitors is associated with less severe disease with SARS-Covid-19 infection in a multi-site UK acute Hospital Trust https://www.medrxiv.org/content/10.1101/2020.04.07.20056788v...

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