How the Log4J vulnerability impacting my Windows hosts?
if your applications use Log4J, you are vulnerable. If not -- you are not vulnerable.
How can I prevent or take precautions from getting affected by Log4J?
patch corresponding applications that use Log4J
Microsoft released any patches for mitigating this vulnerability?
no, Microsoft doesn't own Log4J, so they are not responsible for patching a 3rd party library. Log4J is owned by Apache.
does it affect any other applications released by Microsoft like MSSQL, SCCM or IIS etc.
no Microsoft applications use Log4J. Only 3rd party applications (mostly, Java-based) may use this library. And every single 3rd party application should be evaluated if they use this library. If they do -- contact application vendor and request patch from that vendor. Microsoft is not responsible for that.