In cases, especially in a fast growing company environment, where architecture is constantly evolving and services are being constantly updated, there may be a desire to let developers self-service and move fast. This would be a case for no-code. On the other hand, in cases where there is an operations organization and everything is required to be centralized, then the low-code Terraform solution may be a better option.
Note that Terraform is a client side scripting tool and hence it is a single user system, meaning within the scope of a project only one person can be making changes. One may feel constrained if a project has many components and two people cannot operate even if they are dealing with completely independent constructs.