It's totally subjective that it is better. It's not like it can "execute code" inline like f-string. Just the replacement character is the same, end of the comparison.
And any way the point is that more that it totally breaks the general convention for no valid reason. It's not even optional.
For gcp jobs you can just output the structured log in the standard output so I don't see the purpose here. There are other structured logging libraries if this is what you need.
For the backtrace yes, because logging.exception will be broken by default and all tools that process the backtrace automatically like sentry. And again, for no valid reason except than "look, my traceback looks so much cooler on my screen because I added crap and new lines when printing it"...