What if a no-code system was built atop a text-based language that lived in a regular file-system workspace? The "no-code" part would just be a fancy IDE, but the code would still exist to be edited directly, tracked with git, whatever else.
You'd need to make sure that edits in that fancy IDE can be sensibly diffed/merged at the level of that text-based language. I've never seen good diff/merge for a graphical format, so I think this kind of "no-code" ends up being just code.
I'm doing something like this for a system that's configured via web-interface. It has a stable, readable export format which I'm tracking with Git. So we can actually have a diff and reviews of the changes.