If Microsoft were serious about 'low code' we would be looking at Visual Basic 7.
There was a Visual Basic 7. The current compiler for "Visual Basic 2019" is version number 16.0 and the version numbers carry directly through. The VB team moved on, even if if so many of the users didn't. You can get pretty RAD with WinForms (or WPF) on .NET 5 with VB in Visual Studio right now today. It's not the same ActiveX mess of the 90s but that's a good thing in its own way.
(And yes, today's WinForms and XAML editors in Visual Studio are quite "RAD", and exactly as "RAD" as VB <= 6 was, if not more so. VB.NET was never less "RAD" than VB <= 6 from the standpoint of visual tools. It just shifted component/plugin ecosystems and left an impression that it was less "rapid" to develop with because of sharp new learning curve, but the "rapid" never meant "no learning curves", it meant WYSIWYG designers, which VB.NET still had in spades.)
Those that only offer formulas with no escape route to traditional programming, as you describe, are more commonly considered "no-code".
This distinction from wikipedia is pretty accurate:
"No-code platforms are accessible to any end-business user while low-code platforms require professional developers who can work within the platform's constraints."