However, even with legacy code and old server versions, the vulnerability can only be triggered if the character set of the database connection is changed from a single-byte one like Latin-1 to a multibyte one that allows the value 0x5c (ASCII single quote) in the second or later byte of a multibyte character.
Specifically, UTF-8 does not allow that, unlike older Asian encodings like GBK and SJIS. So if your application does not change the connection character set, or changes it only to UTF-8 or single-byte ones like Latin-n, you're safe from this exploit.
But best practice is still to run the newest server version, use the correct interface to change character sets, and use prepared queries so you don't forget to escape stuff.