The run stops before building anything:

003001 (42501): SQL access control error:
Insufficient privileges to operate on database 'ANALYTICS'

Before running the models, dbt checks that every schema they need exists and creates the missing ones with create schema if not exists. The role in your profile is not allowed to create schemas in that database, so the statement fails.

Copy and paste

Option 1: let the dbt role create schemas (as the owner of the database, or SYSADMIN):

grant usage, create schema on database ANALYTICS to role TRANSFORMER;

Option 2: create the schema yourself and hand it over:

create schema if not exists ANALYTICS.FINANCE;
grant ownership on schema ANALYTICS.FINANCE to role TRANSFORMER copy current grants;

Option 3: grant rights on an existing schema without ownership:

grant usage on database ANALYTICS to role TRANSFORMER;
grant usage, create table, create view on schema ANALYTICS.FINANCE to role TRANSFORMER;

Check what the role has:

show grants to role TRANSFORMER;

Why dbt wants a new schema

Which option

Make sure the profile uses the role you granted. dbt debug prints the connection settings, role included, and the role in profiles.yml overrides the user’s default role.

The schema creation step comes from the code of dbt Core 1.12; the error and the grants follow Snowflake’s documentation.

References