I don't think hiding the update should be the solution.
People say that you are good, when KB3038314 appears in the IE11 info, claiming that the update is installed during installation, causing a "duplicate error" later. However, I checked the windows update log during the IE11 installation. The log says that the IE11 installation bundles 15 updates. Checking the kb numbers I saw that KB3038314 was not part of them. IE11 in the windows update window has april 2014 as the release date and since KB3038314 is replaced on a monthly bases, I'm quite sceptical that people with KB3038314 in the about info really have the latest (april) update.