snowflake-sqlalchemy: SNOW-638845: ValueError: unsupported format character with version 1.4.0

Environment:

arrow-cpp                             7.0.0  py310hc7d0c5d_8_cpu  ...     Cached
...
python                               3.10.5  h582c2e5_0_cpython   ...     Cached
...
snowflake-connector-python            2.7.9  py310hbc1ed79_0      ...     Cached
snowflake-sqlalchemy                  1.4.0  pyhd8ed1ab_0         ...     Cached
...
sqlalchemy                           1.4.39  py310h5764c6d_0      ...     Cached

Running some unit tests, excerpt from the logs:

2022-07-28T10:41:44.0418249Z         if self._connection.is_pyformat:
2022-07-28T10:41:44.0418388Z             # pyformat/format paramstyle
2022-07-28T10:41:44.0418503Z             # client side binding
2022-07-28T10:41:44.0418726Z             processed_params = self._connection._process_params_pyformat(params, self)
2022-07-28T10:41:44.0419125Z             # SNOW-513061 collect telemetry for empty sequence usage before we make the breaking change announcement
2022-07-28T10:41:44.0419295Z             if params is not None and len(params) == 0:
2022-07-28T10:41:44.0419604Z                 self._log_telemetry_job_data(
2022-07-28T10:41:44.0419918Z                     TelemetryField.EMPTY_SEQ_INTERPOLATION,
2022-07-28T10:41:44.0420130Z                     TelemetryData.TRUE
2022-07-28T10:41:44.0420454Z                     if self.connection._interpolate_empty_sequences
2022-07-28T10:41:44.0420715Z                     else TelemetryData.FALSE,
2022-07-28T10:41:44.0420905Z                 )
2022-07-28T10:41:44.0421279Z             if logger.getEffectiveLevel() <= logging.DEBUG:
2022-07-28T10:41:44.0421455Z                 logger.debug(
2022-07-28T10:41:44.0421668Z                     f"binding: [***self._format_query_for_log(command)***] "
2022-07-28T10:41:44.0421818Z                     f"with input=[***params***], "
2022-07-28T10:41:44.0421992Z                     f"processed=[***processed_params***]",
2022-07-28T10:41:44.0422086Z                 )
2022-07-28T10:41:44.0422189Z             if (
2022-07-28T10:41:44.0422369Z                 self.connection._interpolate_empty_sequences
2022-07-28T10:41:44.0422520Z                 and processed_params is not None
2022-07-28T10:41:44.0422622Z             ) or (
2022-07-28T10:41:44.0422807Z                 not self.connection._interpolate_empty_sequences
2022-07-28T10:41:44.0422954Z                 and len(processed_params) > 0
2022-07-28T10:41:44.0423054Z             ):
2022-07-28T10:41:44.0423205Z >               query = command % processed_params
2022-07-28T10:41:44.0423664Z E               ValueError: unsupported format character '_' (0x5f) at index 125

Not happening with < 1.4.0.