IIRC it has special privileges that allow it to run a JIT javascript engine.
That's not what is happening.
All modern JavaScript implementations use JIT for performance reasons. It's one of the main reasons behind the massive performance increases JavaScript has made in recent years.
JIT requires that the process be able to generate data then execute it as code. This is, historically, something that has been used in many security attacks. So modern CPUs provide the ability to stop this from happening (the NX bit).
iOS sensibly switches this off by default. Which is fine in most cases, but in some situations – like JavaScript JIT – it's necessary, so Apple grant special privileges to the WebKit process (not Safari) in order for it to perform well. This is part of the reason why the WebKit rendering happens in an external process – partly because it reduces the amount of code that needs this special privilege, and partly so that other applications apart from Safari can also get the JIT performance improvements without having to trust them with the special privileges.
There's no indication that this crasher has anything to do with Safari having special privileges, and I think it's likely that other applications can do this too.
Normal processes can only run binary code that was verified to be signed. They can’t write to memory and then mark it as executable.
MobileSafari has a special "dynamic-codesigning" sandbox entitlement that allows the JIT to function.