Excel is much closer to traditional programming: it's basically a purely functional language (absent VBA), but instead of a linear description of the program in a text file, you're in effect embedding functional code inside a virtual machine's memory.
EDIT: I suppose an important question about Photoshop is, can you do computation in it?
I don't think it matters if the tools are predefined - what matters is that they can be used together to build a system greater than the sum of it's parts.
I think it can matter a lot whether the tools are predefined, because the exact nature of those predefined tools determines whether they are easily composed into something greater than the sum of its parts. You need iron ore, wood and a forge to construct a different hammer. Of course you can cobble something hammer-like together with the tools in your toolbox at home, but it won't be like the hammer forged afresh from more fundamental parts better suited for that purpose.
Excel isn't much different in my view: most people are only using a very limited set of predefined tools to get a job done. Often badly: it is well known that there are many bugs in important, company critical Excel sheets. Excel seems like coding because it is mostly used to perform the fundamental mathematical operations we all associate with coding. But if that is coding, then so is constructing a Rube-Goldberg machine for a specific task from the parts you happen to have available. A nice exercise in problem solving under constraints. Which certainly has something in common with coding. But that doesn't make it coding.