The mentioned commit is indeed the cause of your problem. Previously, the absolute paths to the shared library dependencies of each Telemac module were hard-coded into the generated executable, which is not great when you want to package the application to distribute it, e.g. via a compressed archive or a .deb package.
Now they are searched in the usual system paths and the paths defined in LD_LIBRARY_PATH. So you need to update your LD_LIBRARY_PATH to point to the Telemac libraries directory, like this:
export LD_LIBRARY_PATH=$HOMETEL/builds/$USETELCFG/lib:$LD_LIBRARY_PATH
I guess I should have updated pysource.template.sh to reflect this change, sorry for the oversight.