No, MDM has no control over iOS updates. You should have a Caching Server to save some bandwidth when downloading apps and updates, which is part of the OS X Server app. If you are using a Configurator-based Supervised deployment, you can update the iPads without extra downloading by just refreshing them with Update iOS set to When update is available. This supposedly also works if you use the Prepare tab with Supervision off, but I haven't tried that.
