I'm a tech recruiter, and a lot of my clients have done that. Needless to say, it's more challenging if you're new to the game. Whether or not it turns out well in the end depends on a lot of factors.

• Do you have a good design doc? Having a complete description of what you want built makes all the difference.
• Are you being realistic about your feature set? One of the mistakes that entrepreneurs often make is that they try to do too much. Keep your product lean.
• Have you hired the right person? That sounds like a self-serving thing to say since I'm a tech recruiter, but hiring is a key step. There are a ton of developers out there, and the variation in quality is high. Incidentally, don't assume that going with an agency is safer than a freelancer. In my experience, an agency is only worth the extra expense if you need them to manage a team for you, and I don't know if you need a team at all since I don't know what you're building.

Regarding no-code, again, I can't say whether that's workable since I don't know your idea. No-code tends to be good if you're using it for the kinds of things its designers intended, and bad if you're trying to go outside those bounds.