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InstallShield automation is implemented as a COM object, hence it can be accessed from any language that supports COM extensions.
Python (32-bit version) supports writing COM clients using win32com.client module. This module can be installed "python -m pip install pywin32" if it is not already present.
The following is an example of using Python to open an existing project and update some of the contents:
o = win32com.client.Dispatch("ISWiAuto26.ISWiProject")
o.OpenProject("C:\InstallShield 2020 Projects\Test.ism")
prodconf = o.ISWiProductConfigs("Product Configuration 1")