This issue started manifesting itself when nesting a combined subquery
relying on exclude() since 8593e162c9cb63a6c0b06daf045bc1c21eb4d7c1 but
sql.Query.combine never properly handled subqueries outer refs in the
first place, see QuerySetBitwiseOperationTests.test_subquery_aliases()
(refs #27149).
Thanks Raffaele Salmaso for the report.