In a nutshell, the exploit works by sending an abnormal and malicious ICMP packet over a local network to a vulnerable Mac. A vulnerable Mac will attempt to send an error back to the sender with a copy of the abnormal packet header, which has been constructed to be oversize and thus overflows the buffer used for the copy, potentially allowing remote code execution with the contents of the malicious packet.
The current and known vulnerable code dates to about OS X Yosemite (warning: long page). In this version additional code was added to compute the length of what to copy and select different types of buffers, and this later revision appears to be missing a critical line from the original BSD source code that would properly limit the length of what was copied. Prior versions of OS X have a different length calculation (warning: same long page) that doesn't seem to be exploitable in that fashion.
This is not to say that this exploit couldn't be made to work on a Power Mac (or, for that matter, 10.9 and earlier), but my best determination is that at worst the exploit wouldn't work as written. Even if it could, there are three mitigations: first, a remote code exploit would need to be PowerPC specific, which seems unlikely in this day and age; second, the attacker must be on the same network as you in most cases; and third, you can easily defend against it anyway, vulnerable or not, by (as I have previously recommended) enabling the firewall and stealth mode under Sharing > Firewall in System Preferences which disables ICMP replies and thus prevents this section of code from even executing in the first place.