Most PCB tools have the user create the schematics graphically, but the actual 'design' is usually a text netlist already or the tools let you export the netlist to an industry format such as EDIF.
SPICE netlists (for example) are also purely text-based, and while many of my EE professors could actually "think in SPICE" (i.e. go from a schematic of a circuit to directly writing in SPICE) for me and pretty much everyone else it was unbelivably painful to modify a SPICE netlist as you went from a simple inverter to something even "basic" as a two-transistor BJT current-mirror. You want to now copy+paste the design six times? Now you have 6x netlist re-naming fun.
One of the reasons why non-trivial schematics are done graphically is you can more easily grasp the intent of the design and make "complex" designs very clear. In my opinion, it's a reason why a well designed block diagram is worth 10x access to the "design" whether it's RTL or C -- you get an understanding WHY someone did something not just the what.
Example, you might put resistors in-series on a bus to provide termination (best done at the source/driver) ; what would that look like in this new text-based schematic language? What if I have series termination resistors on the bus, thevenin termination on the far-end and then a pull-down strapping resistor as well? The block of text will grow quickly without much clarity. I don't doubt it will be functional, but there will be no mental model of what this is supposed to look like, and further why all of these components are there. A well drawn schematic* will make this overt.
Another simple example might be a single-supply op-amp which usually has a few resistors to bias the signal correctly. It will easily end up being MANY lines of text and it won't all together be clear which lines of text associated with the op-amp correspond to an intent.
I have about 20-years of doings electronics, FPGAs, boards, C/C++, SoC architecture and DevOps with a formal education in both HW+SW. I could be an example of "the old guard" but in my career I've usually been the one to champion newer/smarter better tools and applicable domain-specific-languages so much so I pivoted my career in this very area for a number of years.
*Most schematics, and reference designs are a jumbled mess of wires and symbols. While highly subjective, a good schematic breaks logical function into symbols by function, groups related components intelligently and employs a good number of notes on the schematic.