Software update through mobile data

No, and yes.

If you're going to use the SIM with mobile data in the phone that you're going to update, then No.

If you're going to use the SIM with mobile data in a different phone and use that second phone as a "WiFi hot spot" for the phone that you're going to update, then Yes. You may, however, want to check the data limitations set by the mobile service provider before the update.
 
If you're using a mobile data plan, you can contact your Mobile Service Provider for the details of your plan including any monthly or daily data limitations.
 

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