I've given it a test run in VirtualBox and it looks like this update alone is not sufficient to install on a clean Windows 7 Ultimate SP1 x64 installation with automatic updates set to manual download/install. I double checked and this is the x64 convenience update for Windows 7 SP1, yet refuses to run:
So much for the convenience, talk about an inconvenient error message!
For curiosity, I checked how many updates are required for this clean Windows installation. I had to install KB3138612 just to see this, otherwise Windows gets stuck at "Checking for updates", so add one to the total number below:
I then installed IE11, but it was the same error.
Going by the convenience update webpage, KB3020369 must be installed to service an image. I thought that was just for embedding it into a Windows installation ISO, but thought I'll give it a try and this time when I retried the convenience update, it went ahead:
The actual installation took about 10 minutes in VirtualBox, less time that it spent going through the checking Windows updates process afterwards!
After about 20 minutes I gave up waiting for it to check for updates as it's 1:30am as I write this. Makes me wonder if this convenience update uninstalls or affects KB3138612, leading to the issue of getting stuck or taking incredibly long at "Checking for updates" again.
I'll give this a try again later to see if it'll work with just KB3020369 installed and if so, whether this update installs IE11 or KB3138612.