Was very relieved to read your conclusion, as I thought I was going to disagree with you for a moment there! 🙂
Outcome is more important than output. The squabble between content and code is moot. They’re outputs.
Which is more important comes down to context at a particular point in time. But they’re always both vitally important outputs that should work in harmony to delivery the right outcome for the user and the business.
Different specialisms need to play nice with each other and afford each mutual respect. Together they’re greater than the sum of the parts.
PS. Love the graphic.