If you are rooted, you are using a custom HBOOT.
You will still receive the OTA notification. After all, it is like a spam email that goes out to a few thousand recipients. Opting to install the update causes your phone to connect to the server and download the update payload.
But when your phone reboots (to install the update), the custom HBOOT refuses to install it.
That is, IF the update is an upgrade to the OS.
If the update is just app and/or configuration updates (which I think this one is), there is no need for the phone to reboot and for HBOOT to do its thing. So, the app upgrades WOULD get installed.