PHP exception unknown column 'revision_translation_affected'

We updated our codebase from Drupal 8.3.7 to 8.4.0-rc2 and Paragraphs module from 8.x-1.1 to 8.x-1.2.

Our site extends the basic content type Page with a field (of type entity reference revisions) which references different Paragraph types.

When trying to submit a new Page set with some paragraphs, we get the following PHP Exception:

Uncaught PHP Exception Drupal\\Core\\Entity\\EntityStorageException: "SQLSTATE[42S22]: Column not found: 1054 Unknown column 'revision_translation_affected' in 'field list': INSERT INTO {paragraphs_item_field_data} (id, re vision_id, type, langcode, uid, status, created, parent_id, parent_type, parent_field_name, behavior_settings, de fault_langcode, revision_translation_affected, content_translation_source, content_translation_outdated, content_ translation_changed) VALUES (:db_insert_placeholder_0, :db_insert_placeholder_1, :db_insert_placeholder_2, :db_in sert_placeholder_3, :db_insert_placeholder_4, :db_insert_placeholder_5, :db_insert_placeholder_6, :db_insert_plac eholder_7, :db_insert_placeholder_8, :db_insert_placeholder_9, :db_insert_placeholder_10, :db_insert_placeholder_ 11, :db_insert_placeholder_12, :db_insert_placeholder_13, :db_insert_placeholder_14, :db_insert_placeholder_15);

See related issue and https://www.drupal.org/node/2897586 for context on Drupal 8.4.0.