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Microsoft answered a few things in a support case, but there is still conflicting information, even one week after the first public announcement, key facts as communicated a couple of hours ago:
The issue is embargoed, so no details until that ends, end date unclear.
The security issue is rated "Important" on the microsoft scale: https://www.microsoft.com/en-us/msrc/security-update-severity-rating-system
A soft reboot (as in a reboot from within the guest, not via API) is sufficient to address this issue
Impacted resources does not change, it's a static snapshot of VMs that need to be rebooted from last week.
Checking from the guest side: If your VM was rebooted after August 3rd it's safe.
I have asked them to update their security advisory to correctly reflect the as-is status...