Seems like there was a bug introduced in hotfix 12.0.73, versions before this do not experience the sql connection issues. In this case the method CMS.Membership.AuthenticationHelper.AuthenticateUser (https://devnet.kentico.com/docs/12_0/api/html/M_CMS_Membership_AuthenticationHelper_AuthenticateUser_1.htm) is not handling multiple requests, 2 users logging in simultaneously seems to cause the errors.
Specifically the call to UserInfoProvider.SetUserInfo(user) in FinalizeAuthenticationProcess(UserInfo user, int siteId) seems to cause the issue.
Wondering if the update for 12.0.73 - "Context API not working in async code
Kentico API that relied on static contexts, such as 'SiteContext', 'ContactManagementContext', or 'CMSActionContext', did not work and returned empty values when called within custom asynchronous (async) methods. After applying the hotfix, the contexts correctly persist their values within async code." - has caused the issue?