Sure but as far as scripting languages go it was enough to get the job done at the time. I don't think swapping to Lua would fundamentally change that.

I say that as someone who's worked on both sides and shipped production Lua, Unreal script and C++ during that era. Visual scripting/programming tools are for your designers/artists/animators or as glue code between content that is under high iteration cycles. You can do things such as "find all references to this actor" or realtime visualization of states that just aren't as streamlined as text based languages.

The tradeoff is there's a level of complexity where text based languages are better at expressing abstractions and structure, you use them in different contexts and for different parts of a project.