CVE-2021-34481 was issued for another problem. It seems that more problems are surfacing with the print subsystem.
An elevation of privilege vulnerability exists when the Windows Print Spooler service improperly performs privileged file operations. An attacker who successfully exploited this vulnerability could run arbitrary code with SYSTEM privileges. An attacker could then install programs; view, change, or delete data; or create new accounts with full user rights.
An attacker must have the ability to execute code on a victim system to exploit this vulnerability. The workaround for this vulnerability is stopping and disabling the Print Spooler service.
The problem is in the wild but no reports of problems. Microsoft had to post the new CVE to warn of impending problems.
Print shops have endured with a lot of headaches lately and Microsoft has been scrambling with several patches.