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As initially reported, #3715 was a cosmetic issue that resulted in some failed Snowflake queries, but no failed dbt runs. I've now heard reports from some users of other databases that don't have handling when dbt tries to cache (grab metadata for) a nonexistent schema (main Slack thread here).
This is definitely a fix for something v0.20-related. Now that I understand the bug is functional, not just cosmetic, I think it belongs in v0.20.2. The question if whether we'd want some extra testing and validation before final release—i.e. a second release candidate, v0.20.2-rc2, now that we've got a handful of changes since the last one.