For a device to claim a patch level it must implement all of the fixes of that bulletin as well as all previous bulletins.
So yes, it very much should.
In practice, there can be slippage.
You can see this directly as there are many vendor specific patches in the ASB however not all of them and this is even noted at the bottom:
Security vulnerabilities that are documented in this security bulletin are required to declare the latest security patch level on Android devices. Additional security vulnerabilities that are documented in the device / partner security bulletins are not required for declaring a security patch level.
For example, CVE-2024-33042 is listed at both:
so a Qualcomm device claiming 2024-09-05 MUST patch that… but for example CVE-2024-38402 and CVE-2024-33047 are only listed in the Qualcomm bulletin and not the ASB so a vendor does not have to patch them to claim the level.