This is one of those types of things that shouldn’t happen anymore, but does. I’m pretty sure that WordPress now has their own low-level version of PDO Prepared Statements. Also, they have a lot of even higher-level DB abstractions. I can’t think of any reason to directly access the DB from a plugin or theme.
I imagine it's well tested, but it's a bunch of PHP escaping and regexes inside of wp-db.php. It is not at all real placeholders and prepared statements, though the functions are named that way. I suppose because there's too much tech debt to use normal placeholders.