I think this is a fair analogy, but maybe I'd add that LiveBooks uses MarkDown markupfor the non-code part of the notebook, make it far more readable, and with more visualizations coming in.

For example, recently an addition to add automatically generated sequence diagrams to Livebook Kino (https://github.com/livebook-dev/kino/pull/165). So generate code which shows a supervision tree, and automatically create a visual diagram of the code in one place. Pretty great for learning and explanatory material.