ImageTragick Vulnerability ; ImageMagick

Generally speaking, as the problem is in a library on the server, the server host will probably need to patch it or update the server.

While WordPress can use the imagemagick library if it is available, it’s not generally available on most lower end hosting systems, and WordPress falls back to the GD library, which is available nearly everywhere.

So yes, if you have the imagemagick library on your server, then you should update your server or make the policy adjustments as above. Or your host should be making those changes for you (many are). WordPress might include something to address the problem, or it might not. Depends on how it all shakes out, I expect. But as the issue is kind of at a lower level than WordPress, it’s probably something to be addressed differently.

Additionally, WordPress does have image processing, but only for user accounts with the ability to upload images to the site. This is not something that the general public can usually do.