There are a lot of cyber security myths out there and we could argue about them 24/7, but at the end of the day, what really matters is that we do what we can to stay safe and not fall victim to malicious attacks.
In short, this vulnerability can grant complete control over your network to hackers who exploit a weakness in any attached printer. What’s the weakness? The fact that printers don’t need permissions or credentials to connect to a device.
Therefore, any Windows device that touches a compromised printer can potentially be infected or attacked. The printer doesn’t even have to be real. A spoofed (or fake) printer is just as dangerous.
To protect yourself, you should immediately download and install Windows Update K3170005 called “Security Update for Windows Print Spooler Components”. While you’re at it, make sure you configure your Windows Update to automatically receive security updates.