"No code" tools are usually just tools. They have the pitfalls you describe, but they aren't ego stroking machines like LLMs.
LLMs not only share the same pitfalls, they also encourage you to make the dumbest things. They will make this CEO believe they are the smartest engineer in the world, "you're building exactly the right product", "you're asking precisely the right questions", etc. Ego stroking when leading you to the abyss is very dangerous.
LLMs roleplay as smart human engineers who constantly tell you you're the smartest being in the multiverse.
I am thinking of calling them just 'LMs' for short, as they come in varying sizes.
Or even AlMs, just to troll the Al moniker, and how they give alms to the rich.