No. It's part of the bundle.
However, if you are scared you'll lose iPhoto or Aperture... don't be.
I'm running 10.10.3 myself and while Photos got installed... iPhoto and Aperture work just as before. They do NOT get removed from your computer!
How does one find iPhoto after the update? I don't it installed anymore on my Mac. Even tried finding it in spotlight
Did you delete from your Mac at one time before the update to 10.10.3? Open the Mac App Store application, go to Purchased. Does it show up there?
I'm gonna check as soon as I get home but I never purchased iPhoto it was pre installed on my Mac in 2011
Oh, if you didn't delete it, it'll still just be in the Applications Folder.