This issue only occurs when upgrading MySQL from 5.x to 8.x. The latin1 characters are assumed as UTF8 on WordPress installs that were initially setup before 3.5.
There's a brief explanation here:
https://jonisalonen.com/2012/fixing-doubly-utf-8-encoded-text-in-mysql/
UTF8m4 is also recommended:
https://sternerstuff.dev/2019/04/convert-wordpress-tables-to-utf8mb4/
python3 sqlfix.py --convert_tables 1 --backup 1
Running Python version is 3.6
Success: Exported to '/home/username/backup08-30-2022-05:54:35.sql'.
Converting wp_commentmeta to InnoDB
Process completed for wp_commentmeta
Converting wp_comments to InnoDB
Process completed for wp_comments
Converting wp_options to InnoDB
Process completed for wp_options
Converting wp_postmeta to InnoDB
Process completed for wp_postmeta
Converting wp_posts to InnoDB
Process completed for wp_posts
Created directory as SQLfix
The WordPress Prefix is wp_
File created as wp_SQL8fix.sql
Running import
Success: Imported from 'wp_SQL8fix.sql'.
Updating DB_CHARSET
Done.