[AdamM12]

I've personally seen and done both. At one job (first actual dev job) it was a lot of complex business queries for analytics. I put these into their own python module as string "constants" and imported them (I would not do this again). At my current job we put them in .sql files and have a 3 line function that opens and reads them into a string. I sometimes write them inline. I've come to only one real conclusion though is that unless it's super trivial I put the SQL outside of where they are being invoked and name the .sql something that makes sense. It's just noise in my code and I want to see the logical steps.