Also in my opinion it's important to decouple the database structure from the domain model in the code. One might have a Person type which is constructed by getting data from 3 tables. A Repository class could do that nicely: maybe run a join query and a separate query, combine the results together, and return the Person object. ORMs usually tightly couple with the DB schema, which might create the risk of coupling the rest of the application as well (again, I don't know how flexible SQLAlchemy is in this).
There could be some value in hiding SQLAlchemy, in case one would ever like to replace it with a better alternative. I don't have enough experience with Python to understand if that ever will be the case though.
All in all, trade-offs are always important to consider. A tiny microservice consisting of a few functions: just do whatever. A growing modulith with various evolving domains which have not been fully settled yet: put some effort into decoupling and separating concerns.