The flaw is tracked as CVE-2023-40477 and could give remote attackers arbitrary code execution on the target system after a specially crafted RAR file is opened.
RARLAB released WinRAR version 6.23 on August 2nd, 2023, effectively addressing CVE-2023-40477.
For people compressing things a lot, winrar is much more productive than 7z. I can easily set up default profile in winrar (best compression quality + delete files after archiving) but can't do this with 7z