Barry,
I do not think that the newly announced "SP2" rollup for Windows 7 will include every update/patch/fix that Microsoft has released since SP1.
I think it is just a rollup of the monthly updates since SP1.
If you have purposely hidden some of the monthly updates (because they were Windows 10 nagware, because they resulted in sending telemetry to Microsoft, because they were known to cause problems, etc) and you install the new "SP2" rollup, then all of those previously hidden updates will be installed.
The new "SP2" rollup can save time when doing a fresh upgrade from Windows SP1, but (in my opinion) the value of the new "SP2" rollup is questionable for a Windows 7 system that is mostly up to date with monthly updates.
As far as the newly announced monthly rollup of non-security updates ... I do not see much value. I have decided not to install non-security updates.
For those who do install non-security updates, they need to consider the benefit of individually installing each non-security update (which then gives you the ability to uninstall individual non-security updates if one causes a problem) versus the monthly non-security rollup (which is all-or-nothing ... all non-security updates are installed/uninstalled with no ability to pick and choose which non-security updates you want).