Yes,
I needed to put it one one of my many servers and what you are basically doing is only updating the EXIM but not cPanel, since this is a EXIM bug not cPanel.
You might see some extra things in service status show up and then when they put out a good stable release then upgrade in full.
Overall this exploit is not as bad as others in the past, If you have a stock out of the box EXIM and have not tweaked the living hell out of EXIM features, it should be fine regardless of the warning, but in all safety it is good to update the EXIM.
I would not downgrade cPanel or upgrade cPanel to a non stable release, esp. on a production server
Hope that helps