A: No. Peter Jackson has not altered the films' content. The update is strictly visual fidelity (color, grain, contrast) and audio mixing.
In the 4K digital community, typically means one of three things (depending on context): Lord Of The Rings Extended Edition 4k Digital -UPDATED
Check the movie page – if it says “4K UHD (Updated)” in the version dropdown, you’re set. Lord Of The Rings Extended Edition 4k Digital -UPDATED