The answer is "Yes" and you need to change your install command line to get a co-heasive installation. Instead of the install command line that you have, you can try this type of syntax.
msiexec.exe /i C:\[PATH_TO_MSI_FILE]\AcroRdrDC1500720033_en_US.msi /Update C:\[PATH_TO_MSP_FILE]\AcroRdrDCUpd1800920050.msp /qn TRANSFORMS="AcroRead.mst"
msiexec.exe /i C:\Users\labuser\Desktop\AdobeReaderDC\AcroRdrDC1500720033_en_US.msi /Update C:\Users\labuser\Desktop\AdobeReaderDC\AcroRdrDCUpd1800920050.msp /qn TRANSFORMS="AcroRead.mst"
Sorry, I do not understand your reference to "c:" - this is on a network drive on SCCM which only uses UNC
The "C:" is a local machine reference. It is easily substituted by "\\" for a network reference.
Unable to locate or validate MSI package
Using command line as shown above - msiexec /i \\location\Acroread.msi /Update \\location\AcroRdr2017Upd1701130070_MUI.msp /qn TRANSFORMS="acroread.mst"
You will need to troubleshoot the command line. Does the first part of the line work? If yes, the add the second part of the line. A word of advise as I ran into an issue that could be happening to you. Do NOT cut and past the line into the Windows Command Prompt. Instead type it. I know it's a pain, but try it. If it works then you know it was a problem with the text format that you attempted to past into the Windows Command Prompt.
As already mentioned you need to add an additional call for the update.
I utilize the %~dp0 variable when deploying via SCCM. https://stackoverflow.com/a/10290765
Here is mine to include todays update:
msiexec.exe /i "%~dp0AcroRdrDC1500720033_en_US.msi" TRANSFORMS="%~dp0AcroRdrDC1500720033_en_US.mst" /qn
msiexec.exe /p "%~dp0AcroRdrDCUpd1801120036.msp" /qn