No-code isn’t scalable. Our learnings at FINN going from 1000 toward 100k ca (medium.com)

The article seemed largely focused on database performance being the deciding factor in scaling. If everything else has been low-code with a traditional rdbms (even if cloud-hosted), would the same conclusion have been drawn?

The real question here: would they have been able to build the successful business they did without no code?

I'd argue possibly not. Nocode served its purpose here.