Yes. cosmwasm-vm (crates.io): upgrade to 1.2.8 or later; github.com/CosmWasm/wasmvm (Go): upgrade to 1.2.5 or later. Junglewise finds every place you run it, drafts the upgrade and applies it once you approve.
Am I affected?
Check whether you run cosmwasm-vm (crates.io) or github.com/CosmWasm/wasmvm (Go) at an affected version. Junglewise does that check for you around the clock: connect your code, cloud and domains, and it matches new vulnerabilities like this one against what you actually run and tells you when one reaches you.
How to fix
cosmwasm-vm (crates.io): upgrade to 1.2.8 or later
cargo update -p cosmwasm-vm
github.com/CosmWasm/wasmvm (Go): upgrade to 1.2.5 or later