Not usually
Regular updates are single fixes (patches) for specific problems, unless otherwise specified in the update. Anything containing multiple patches are called "roll-up's", where many patches are "rolled-up" into a single download.
Service packs are a cumulative update, meaning every individual patch up to the SP release is rolled into this SP (along with performance upgrades or any other system updates needed).
(Wasn't logged in when I answered this. Edited so my username would be added to the answer)
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