Ironically, this 9 years old comment on the official documentation page of one of the affected functions perfectly describes both the nature and remediation of this major security flaw:
> Paul Ryan 9 years ago
> Note that locate_template() does not prevent directory traversal attacks, so if you’re passing a user-provided template name to the function, be sure to verify that it’s from one of the three appropriate locations (active theme directory, parent theme directory, or /wp-includes/theme-compat/ directory).
https://developer.wordpress.org/reference/functions/locate_t...
Ahahah I remember to have patched themes for clients by hand, years ago. A different time, where a core team would for whatever reason leave security holes around to be sure you need three frameworks around their pile of dung code.