As reported via support (private Intercom link):

As you can see the SQL reported by MSSQL is performed using prepared statements, with the sanitisation applied the actual query being performed is removed and replaced with a question mark.

ActiveRecord seems to wrap all queries in prepare statements, which the sql_lexer can't handle right now, resulting in queries like this:

Also, here's how to set up MSSQL on your fancy Apple-Books, kids. 👴🏻