No, it will not get automatically updated, but you have to update it by going to Appearance >> Themes and clicking on the Automatic update button.
Note: Before updating the theme, try to take the complete backup of your site to avoid any inconvenience.
And after updating the theme you have to update the theme core plugin as well.
Regards 8Themes Team.
One standard license is valid only for 1 project. Running multiple projects on a single license is a copyright violation.