I don't think there is much insight to be gained about programming in Python from repeatedly simulating the program at the level of tracing stacks, etc. - on that we agree. But I don't agree that doing so is the equivalent of learning how to add, subtract, multiply and divide fractions, or graph quadratics and cubics, or solve linear equations.
I believe the insights gained from doing quite a lot of arithmetic by hand are genuine.
Having said all that, if people aren't going to go on to careers or jobs in hard sciences then I believe the concept of qualitative computation is more valuable than doing any kind of mental arithmetic. But if you want to do proper math, or use calculus for real, or understand Fourier Transforms, or manipulate sheaves over higher dimensional topological spaces, then the abstract insights gained from arithmetic are, in my opinion, more than are generally suspected.
That's not to say that calculators are bad. Enormous computing power has let me get insights that I otherwise wouldn't have had. I'm just saying that not learning and internalising the underlying arithmetic basics is like not learning how to carve basic joints in carpentry.
To do so is to deliberately limit your skill set. Can't be good.