From theregister.com: "Unfortunately for Apple customers with older Macs, Intel has not made microcode fixes available for Mac models from 2010 or earlier.". It's not that you don't need to patch the problem, it's that you can't.
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They don't need physical access, but they need to run code on your computer. If you have a Mac used by a single user, and a hacker can run his software under that user, then all data of that user is compromised, with or without that attack. So your risk hasn't really increased - if a hacker can run their code on your single user Mac, anything that is important to you is at risk anyway.
What this attack adds is that _other_ users on the same machine are also compromised. So if your kids download software that they shouldn't in _their_ user account, it's not just their account that is compromised, it's yours as well.
But where it is really bad is for servers. You may have a server with ten virtual machines running. These virtual machines should be safe from each other. If one installs malware on one virtual machine, then obviously that machine is compromised but the other nine would be fine. With this exploit, they are all compromised. And if ten people installed virtual machines on the server, there is the risk that one of them actually installs this on their machine intentionally.
PS. "Run code on your computer" happens when you run JavaScript in your browser. So Apple has some specific code in the browser to stop this from happening. All these exploits rely on extremely precise timing, and Apple interferes with that timing when running JavaScript.