The Page Size (PS) page table entry bit exists at all page table
levels other than L1. Its meaning is reserved in L4, and
conditionally reserved in L3 and L2 (depending on hardware
capabilities). The software page table walker in the hypervisor,
however, so far ignored that bit in L4 and (on respective hardware)
L3 entries, resulting in pages to be treated as page tables which
the guest OS may not have designated as such. If the page in
question is writable by an unprivileged user, then that user will
be able to map arbitrary guest memory.
On vulnerable OSes, guest user mode code may be able to establish
mappings of arbitrary memory inside the guest, allowing it to
elevate its privileges inside the guest.