Yes, it's clever enough to only target 24H2 with hotpatch updates. The device will query for available updates, and 24H2 that meet the pre-reqs for hotpatch should scan and see the available hotpatch and apply it. 23H2 devices will see the 23H2 update that is applicable for the month. And 24H2 devices that don't meet the pre-reqs would get offered the non-hotpatch update for the month.