Fix deprecations for new dbt engine compatibility

[b-per]

This is a PR raised to fix dbt config deprecations currently in the package and improve compatibility with the new dbt engine being released on 5/28 at the dbt Launch Showcase.

Ideally, this PR would need to be merged and a new version of the package should be published to the Hub before 5/28.

Please comment on this PR if you have any question.

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