Install Service Pack 1. :)
https://www.catalog.update.microsoft.com/Search.aspx?q=KB976932
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OK... This is going to be a Long post. This also happens to be a first post.
But before we get to that, let me wish everyone here a Very happy and Safe 2021.
TL;DR: Need to get around The error "This Update is not applicable to your computer" posted by Windows Update Standalone Installer during installation of KB4474419 (and KB4490628) required for SHA-2 support in turn required during installation of NVIDIA drivers from Dec 2020
Current System Status:
Hardware:
CPU: AMD FX 6300 Stock cooler & Stock Speed
Motherboard: MSI 990FXA GD 65 V2
Primary boot drive: 120 GB Sata SSD; Partitioned into 3 - Windows C:// (60 GB) , Windows D:// (30 GB) and CentOS 7.6 (30GB)
Secondary HDD: Seagate 640 GB Barracuda PArtitioned into 4 drives.
RAM: Kingston HyperX Fury 8 GB 1866 MHz (Another 8GB just died on me)
Graphics Card: Nvidia 3060TI Founders Ed.
Operating System: Windows 7 64 Bit (I believe it is the Windows Service pack 1), with dual boot. CenTOS was updated from 6,4 or 6.5 to CenTOS 7.6 sometime April 2020.
Windows Update history: KB958488 installed successfully on 16 Feb 2015.
Problem: Installed new GFx card. Downloaded the drivers from NVidia website - Dec 15, 2020 release drivers, and when I tried to install them - says Nvidia Installer cannot continue. As you see, I am required to install KB4474419 and KB4489628. 
https://www.catalog.update.microsoft.com/Search.aspx?q=KB976932
Just to Summarize
I installed Windows 7 SP1 first,
then the two updates KB4474419 & KB4490628
I could install Nvidia drivers and Python 3.8.7 after this.
My resolution is now what I expect and Device manager now shows the correct model of the GPU (after running the driver - which was the main intent).
Peace and regards to all of you!
Hello Volume Z,
Perhaps I did not understand you clearly. I already allowed Windows Update Service to run.
Did you mean Control Panel > System and Security > Windows Update ?
Right now I have Automatic Updates Switched off.
I have switched it off because I am not sure Windows 7 would not be updated to Windows 10.
I would be very unhappy to have Windows 10 force-fed to me (with its telemetry, forced updates and general slowness -which will be worse now with my 8GB DDR3 RAM instead of original 16 GB DDR3)
Do you mean this needs to be switched on? What after this? Are you absolutely sure it will only update to latest patch of Windows 7 after I enable it and click for update?
That Windows 10 would not magically make an appearance in ,my computer?
I am sorry if I gave you the impression that I am slow or that don't trust your advice - I just abhor W10 which resides on another laptop I have and gives me a sad experience despite being more recent and with heavier specs (except GFx card) and missing the SSD.
Thanks for your time.
BR,
I believe it is the Windows Service pack 1
Any effort is futile if it's not.
https://www.catalog.update.microsoft.com/Search.aspx?q=KB976932