Looks like we'll be playing "Where's Waldo?" in Windows 10 Build 9926 for a while. Microsoft has started streamlining Windows 10 in the latest Build, changing the expected location of many applications and components. As we continue digging through the latest Windows 10 UI changes, we'll let you know where you can find your regularly used applications now that Microsoft has started the push to finalize the Windows 10 interface. Get used to it. By the time Windows 10 is ready to publicly release, Control Panel should be retired completely.
Windows Update has now been removed completely from the old-style Control Panel and found a new home inside the new, streamlined Windows Settings applet.
Running Windows Update using the new interface