From the PuTTY documentation at https://the.earth.li/~sgtatham/putty/0.73/htmldoc/Chapter4.html#config-logging we have the following (corresponding command line options added in [brackets]):
‘SSH packets’ [-sshlog]. In this mode (which is only used by SSH
connections), the SSH message packets sent over the encrypted
connection are written to the log file (as well as Event Log entries).
You might need this to debug a network-level problem, or more likely
to send to the PuTTY authors as part of a bug report. BE WARNED that
if you log in using a password, the password can appear in the log
file; see section 4.2.5 for options that may help to remove sensitive
material from the log file before you send it to anyone else.
‘SSH packets and raw data’ [-sshrawlog]. In this mode, as well as the
decrypted packets (as in the previous mode), the raw (encrypted,
compressed, etc) packets are also logged. This could be useful to
diagnose corruption in transit. (The same caveats as the previous mode
apply, of course.)
Note that no cryptographic secrets are transmitted over the connection; only public keys for authentication and components of the selected symmetric key exchange algorithm (KexAlgorithms) which can be safely logged since they cannot be used by anyone listening in on the connection. Only password authentication appears to be compromised if the passwords are not redacted from these logs.
PuTTY provides options to perform this redaction as the logs are being created: ‘Omit known password fields’ and ‘Omit session data’, which are checkboxes one can use when setting up the session parameters in PuTTY prior to running plink. To use a saved session in plink, add the -load option to the command line followed by the name of the saved session.
Edited to add: This refers only to the credentials and keys associated with the SSH session itself. Applications using SSH as a transport mechanism (such as rsync, sftp, and scp) may have their own sensitive material logged; turning on "Omit session data" may help when troubleshooting an application, but should not be necessary if you are creating a session solely for troubleshooting purposes rather than launching the application.