Your "old" db.execute (which presumably accepts a regular old string) would not accept a t-string, because it's not a string. In the original example, it's a new db.execute.
Using a t-string in a db.execute which is not compatible with t-strings will result in an error.
Using a t-string in a db-execute which is, should be as safe as using external parameters. And using a non-t-string in that context should (eventually) be rejected.
Yes, but if a function accepts a template (which is a different type of object from a string!), either it is doing sanitization, or it explicitly implemented template support without doing sanitization—hard to do by accident!
The key point here is that a "t-string" isn't a string at all, it's a new kind of literal that's reusing string syntax to create Template objects. That's what makes this new feature fundamentally different from f-strings. Since it's a new type of object, libraries that accept strings will either have to handle it explicitly or raise a TypeError at runtime.