Yes, it does, in fact that's how I always do it (install the 8.1.7.4 patch before creating a database).
Note that you may have to reinstall the glibc patch after installing patches. I believe that this just relinks everything, rather than actually replacing patched files, though I admit I can't say for sure. It hasn't caused me any trouble. If you start getting the dreaded ORA-3113 "end of communication channel" error, there's a good chance that you need to reinstall the glibc patch.
