Choosing DB pool_size for a Flask-SQLAlchemy app running on Gunicorn
Adding my 2 cents. Your understanding is correct but some thoughts to consider:

in case your application is IO bound (e.g. talking to the database) you really want to have more than 1 thread. Otherwise your CPU wont ever reach 100% of utilization. You need to experiment with number of threads to get the right amout, usually with load test tool and comparing requests per second and CPU utilization.
Having in mind the relation between number of workers and connections, you can see that when changing the number of workers, you will need to adjust the max pool size. This can be easy to forget, so maybe a good idea is to set the pool size a little above the number of workers e.g. twice of that number.
postgresql creates a process per connection and might not scale well, when you will have lots of gunicorn processes. I would go with some connection pool that sits between your app and the database (pgbouncer being the most popular I guess).
I have a Flask-SQLAlchmey app running in Gunicorn connected to a PostgreSQL database, and I'm having trouble finding out what the pool_size value should be and how many database connections I should expect.
This is my understanding of how things work:

Processes in Python 3.7 DON'T share memory
Each Gunicorn worker is it's own process
Therefore, each Gunicorn worker will get it's own copy of the database connection pool and it won't be shared with any other worker
Threads in Python DO share memory
Therefore, any threads within a Gunicorn worker WILL share a database connection pool

Is that correct so far? If that is correct, then for a synchronous Flask app running in Gunicorn: 

Is the maximum number of database connections = (number of workers) * (number of threads per worker)?
And within a worker, will it ever use more connections from a pool than there are workers?

Is there a reason why pool_size should be larger than the number of threads? So, for a gunicorn app launched with gunicorn --workers=5 --threads=2 main:app should pool_size be 2? And if I am only using workers, and not using threads, is there any reason to have a pool_size greater than 1?