Convert the SQL Query to M-Query for Data Flow.

First off, Dataflows accept native SQL statements if that's easier for you to work with.
https://learn.microsoft.com/en-us/power-query/native-database-query

Purely M Query, which may be less efficient, would look like this I imagine:

Load Enrollment Enrl table

Load Degree Deg table

Merge Enrollment Enrl to Degree Deg on student_id

Expand degree_term

Add calculated column with your conditional statements where if all is True then "Keep"

Filter on calculated column for "Keep"

If you get it right, query folding will still be functioning and it will write back a query similar to what you started with.