Yup, but you can make it do the job and that's enough for the majority.
You can do "low-code" and even "no-code" right, but it basically has to be a DSL that's cleanly defined in terms of some other programming language with sensible semantics. That way when the DSL fails to do what you expect it to (as it invariably will at some point), you at least get to pick up the pieces and carry on. But that's not how Excel is built, or most similar tools.
"If the only tool you have is a hammer, you tend to see every problem as a nail."
https://www.theverge.com/2020/8/6/21355674/human-genes-renam...
I agree that there's tons of value in the paradigm (more than a lot of people on hn would admit), but excel particularly has way more sharp edges than people know.