The flaw can alter the syntax of executed SQL even when the application uses prepared statements, but only when the driver operates in simple query mode. The technical consequence can extend from query construction in the driver to database resources accessible to the application's connection account.
If that account has sufficient permissions, possible effects include loss of confidentiality through data reads, loss of integrity through data modification or deletion, and loss of availability through disruptive or resource-intensive database operations. These are possible consequences, not evidence that a particular system was compromised. Not enabling preferQueryMode=simple, or using the default extended query mode, removes the exploitation condition described by the vendor.