The potential for exploitation on the Switch isn't as severe because people typically don't use consoles to store sensitive data, but it could be a starting point for jailbreaking and running homebrew software on the Switch. The developer who discovered the exploit says it doesn't allow kernel access, so it doesn't leave the door wide open.
These bugs attracted attention last year because they were used to hijack an iPhone used by a political dissident in the United Arab Emirates; the bugs could allow attackers to steal call histories, texts, contacts and calendar information, and messages from apps like Gmail and WhatsApp. The trio of bugs, collectively known as "Trident," were disclosed after Apple patched them in iOS 9.3.5 in August of 2016.Full details at ARS Technica.