It affect Windows 7-11 and Windows Server 2008-2022 with severity score 9.3[1], i'd say it's real risk. There are already reports hackers exploit that vulnerability[2-3], although i don't know whether it's true or propaganda.
[1] https://www.cvedetails.com/cve-details.php?t=1&cve_id=CVE-2022-30190
[2] https://www.securityweek.com/chinese-threat-actors-exploiting-follina-vulnerability
[3] https://techcrunch.com/2022/06/01/china-backed-hackers-are-exploiting-unpatched-microsoft-zero-day