The code sequence in Snowflake likely follows these steps: create the table 'customer', start a transaction, insert a row into the table, execute a rollback which reverts any transactional changes. However, because DDL (Data Definition Language) operations like table creation in Snowflake are auto-committed and do not exist within a transaction, the rollback will not undo the table creation. Thus, when the final SELECT $1 from the customer is executed, it will return the value 'John' from the inserted record.