fulafel’s comment (parent^4 of this comment) is incorrect. iOS does not automatically reboot when Safari or WebProcess crashes, and Safari is not generally treated as a ‘privileged component’ overall – to the contrary, last I checked it had a tighter sandbox than most apps.
As people have noted, Safari does have special privileges to run a JIT, which is otherwise restricted. This is not because running a JIT can compromise the security of the system as a whole, but simply because having a JIT in your process makes it easier to exploit that process, making it best to avoid except where absolutely necessary.
By the way, I haven’t looked into this crash myself, but my guess is that it’s an unexploitable out-of-memory situation. This would still involve some sort of bug in the kernel, since it shouldn’t be possible for a process to take down the whole system (especially not ‘by accident’). But in general it’s relatively common to have bugs where you can make a more privileged piece of code run out of memory, and most of the time there’s no way to turn them into code execution. Of course, “most of the time” != always, and there’s no way to know for sure without tracking down the root cause :)