Has programming 'without writing code' ever panned out for anyone? 27th times the charm?
Anyway, this is still "programming", of course. You have inputs, you transform them, and you get outputs. What Excel gives is the ability to see all the intermediate calculations update as you stitch things together, which is very different from the software engineer approach (where we think of all the inputs, and write tests to make sure a particular sub-module works, and then treat that as working forever). The software engineering approach lets us build very large systems reliably, but the spreadsheet approach lets you build simple things very quickly.