Hi, we're currently working on a solution for one of our customer.
It's a Canvas App and a Flow to get some data they need. However, we haven't been able to protect our know-how. We exported the solution as a managed solution, but once imported the customer can access every component and check and recreate the Flow by themselves if they wanted to.
Unless you have a user name in their tenant that they do not know the password to, then no - anyone who has shared ownership of a Flow or Power Apps (or even edit rights to an App) can see the structure. Power Apps / Power Automate are not a standard-alone “compiled” executable programs - at least one user in the environment has to “own” them.
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Unfortunately, there is currently no way to provide this type of protection in Canvas apps or in Flows.
I do understand the importance of protecting intellectual property, especially in cases where we want to resell apps. The implication of a managed solution is that it should offer this protection but in this case sadly, it doesn't.
There is a post on the ideas forum about this exact issue and I would recommend that you vote for it.