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They've issued security updates as far back as Mountain Lion as recently as June 30.

https://support.apple.com/en-us/HT201222

Yes, Apple does not patch old versions of iOS or OSX.

All iPhone 2G, 3G and 4 are all vulnerable to root code execution flaws (some exploitable from the web browser) and do not receive updates.

Aren't all iPhones that can be jailbroken subject to root code execution flaws?

Yep. The 2G and 3G ones are particularly bad because there's a public toolchain that gets you from web browser to root, for the 4 and later you normally need USB access to some degree.

Apple has gotten absolutely terrible at fixing bugs, they're obviously not interested. Changing the background colour in iTunes generates more revenue than fixing “invisible” security holes.