After installing Veeam 9.5 Update 3, SQL logs are not truncated during backup, but the truncation task is still marked as a success in the job statistics. SQL Log Backup sessions complete with 0 KB transferred.
You can confirm if any SQL VMs are affected by this change by checking the Guest Helper log located on the Guest VM.
GuestHelper log location: \\GuestVM\c$\ProgramData\Veeam\Backup\VeeamGuestHelper_%date%.log
The specific error you will find in the GuestHelper log if affected is the following:
Description = The UPDATE permission was denied on the object 'backupset', database 'msdb', schema 'dbo'.