Yes, it include all previous updates since RTM version.
The product group released the January 2018 Cumulative Update for
SharePoint Server 2016 product family. This CU also includes Feature
Pack 1 which was released with December 2016 CU and Feature Pack 2
which was released with September 2017 CU.
This one is latest CU released for SharePoint 2016: https://blogs.technet.microsoft.com/stefan_gossner/2018/01/09/january-2018-cu-for-sharepoint-server-2016-is-available-for-download/
But you have to apply both patches as mentioned in the article.
Important: It is required to install both fixes to fully patch a
SharePoint server as each SharePoint installation comes with a
language independent component and a language dependent component. If
additional language packs are added later (only) the language
dependent fix has to be applied again.