My view is that, indeed, the general no-code category represents a paradigm shift in the truest sense. That is, it is not going to replace anything we currently use software engineering for, except at the very edges. This is pretty obvious to anyone who understands software and the complexity inherent in building custom things. Rather, it will enable a massive new category of software to be built, where presently it is uneconomical to do so.
Think simple tools, sometimes throwaway tools only needed for a few weeks, tools specific to each new project - things currently implemented with whiteboards and sticky notes that would clearly be better as digital tools in all sorts of ways - and indeed increasingly essential as the assumption that everyone is in the same office gets less true.
This stuff is typically quite straightforward but requires deep domain context that'd be really difficult to translate into a spec, and way too expensive anyway to justify hiring engineers to build, but it can now just be done directly by the domain experts themselves who need not necessarily be technical.
This category is simply massive - think of the number of such tools that could be useful in even a single given business if they were simple and cheap to create. Now multiply that by every business.
If you're convinced / intrigued by any of what I've said, by the way, we are hiring. So let's chat about it more! Email is in my profile :-)