You can imagine a door that opens if you knock on it just right. For anyone without the secret knock, it appears and functions as a wall. Without the secret knock, there might not even be a way to prove it opens at all.
This is sort of the situation here. xz tries to decode some data before it does anything shady; since it is asymmetric; it can do the decryption without providing the secret encryption key (it has the public counterpart).
The exploit code may never be available, because it is not practical to find the secret key, and it doesn't do anything obviously different if the payload doesn't decrypt successfully. The only way to produce the exploit code would be if the secret key is found somehow; and the only real way for that to happen would be for the people who developed the backdoor to leak it.
This is sort of the situation here. xz tries to decode some data before it does anything shady; since it is asymmetric; it can do the decryption without providing the secret encryption key (it has the public counterpart).
The exploit code may never be available, because it is not practical to find the secret key, and it doesn't do anything obviously different if the payload doesn't decrypt successfully. The only way to produce the exploit code would be if the secret key is found somehow; and the only real way for that to happen would be for the people who developed the backdoor to leak it.