In one week (2022-02-11), or slightly later, I plan to update python-flask-migrate[1] to 4.0.1 in Rawhide and F38 (which will have branched by then). An upstream changelog is available[2].
Dependent packages are module-build-service, odcs, and pgadmin4. COPR testing[3] did not reveal any problems once the version bound was loosened in pgadmin4.
A further update to the current release, 4.0.4, will have to wait until python-alembic is updated to 1.9.0 or later[4].
[1] https://src.fedoraproject.org/rpms/python-flask-migrate/pull-request/7
[2] https://github.com/miguelgrinberg/Flask-Migrate/blob/v4.0.1/CHANGES.md#flask...
[3] https://copr.fedorainfracloud.org/coprs/music/python-flask-migrate/packages/