Once the system can both test and update the spec etc to fix errors in the spec and build the program and ensure the result is satisfactory, we have AGI. If you argue an AGI could do it, then yeah it could as it can replace humans at everything, the argument was for an AI that isn't yet AGI.
Excel sheets are not fuzzy and underspecified.
> It's OK if a human employee is in the loop and has to intervenes sometimes
I've never worked on software where this was OK. In many cases it would have been disastrous. Most of the time a human employee could not fix the problem without understanding the software.
But we're not anywhere close to maximally automated. Today (many? most?) office workers do manual data entry and processing work that requires very little thinking. Even automating just 30% of their daily work is a huge win.