The advisory says exploitation is not limited to just systems running the original Sendmail MTA, but Postfix' "sendmail" wrapper apparently ignores the "-X" parameter... so how can a Postfix-based system be exploited?
Php's implementation of popen() doesn't invoke commands directly with stdlib's execl() or execle()...it calls stdlib's popen(), which passes it through /bin/sh -c .
That's assuming phpmailer doesn't treat a postfix sendmail wrapper differently than sendmail.
Edit: As far as I can tell, php doesn't allow any way to spawn a process without passing it to /bin/sh. That's odd, as other script languages like Perl and Python provide that. It avoids a whole class of exploits.
Edit2: It seems to be exploiting the "-f" option, not "-X". The postfix wrapper supports that.