Because of a total lack of information on the internet, and comments from Ramhound that (while appreciated) were not backed up with reference or evidence, I decided to do my own test.
I used the Windows Media Creation Tool to download Windows 8.1 Pro, and installed it in a Virtual Machine with networking disabled to prevent automatic updates kicking in.
Conclusion: YES, Update 3 is included. It is identified as KB3000850. You can see it, along with a bunch of other updates, in Control Panel - Installed Updates:
Videos
Long story short, I updated my older laptop to windows 10 and it's very slow and can't be used properly now. How can I get back windows 8.1 media creation tool if microsoft doesn't support it anymore. Are there any other sites that I can get it from that are not sketchy. please help.