This is definitely a huge problem, but I only see it being a doomsday scenario if you're using the default SMS app that ships with your phone (and hence cannot be updated with a patch pushed by your OEM). Assuming you're using Hangouts or Messenger[0] (which is sorta like Hangouts without Gmail), however, as your default SMS app, you should be fine as soon as they patch it. And both of those apps are freely available to download, meaning you could always grab them once they're patched and start using them as your default SMS app if you're worried about it.

[0] https://play.google.com/store/apps/details?id=com.google.and...