1.
What happens is that it is usually very easy to get a simple thing up. Then you try anything a bit more complicated or not standard or anything breaks and you spend way more time trying to figure it out than it would take to building the normal way.
2.
Another problem is that managers/CEOs think that if you have no-code tools you no longer need engineers.
Guess what. Software engineers do not just code. They know how to build stuff, which includes a huge amount of knowledge of how to construct maintainable and reliable systems. Put non-engineers on the problem and you will get an unmaintainable mess that is going to be failing a lot.
3.
You try to string your system from a bunch of low-code tools. You quickly integrated a dozen different online tools. Now you find out nobody can understand what is going on. If you hire a person, they will spend a huge amount of time learning all of those tools.
If you build an application let's say in Java, it is much easier to get around the system and understand how it works. If you can read and understand one module, you can pretty much read and understand all of them. But with low code tools strung together there is pretty much new problem, new language, new paradigm for every of those tools.
4.
Part of software development is ability to modify things in a safe way. Having test environment, code versioning, integration and deployment pipelines, etc. Having practices around building stuff. Almost no low-code tools respect any of it. At best you can build your own custom solution for each one but forget trying to prepare v2 of your system and deploy it in any organised way. Your production usually becomes your test environment and your deployments will typically result in some minor drama.
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I get the appeal of low/no code tools. It is super fun to get something working very quickly with no resources. If you have a simple problem that matches the tool perfectly and you will never want to make it much more complicated -- it might even be the best solution for you.
The issue is that management wants more and you will have to field requests for new functionality and requirements. And you will quickly find adding those will start taking exponentially more effort while you are necessarily spending time talking to your sales reps trying to figure out if/when they can provide the functionality. All this while you have trouble hiring and onboarding people to maintain it because there is just so much magic that only your initial staff is only ever able to understand what is going on.