Updating to this patch is step-1 of the mitigation plan. The other two steps are dependent on this one. Below are the three mitigation steps from the above shared KB VMware Knowledge Base -
Update Phase: Apply vSphere Updates and Patches
Planning Phase: Assess Your Environment
Scheduler-Enablement Phase: Enable the ESXi Side-Channel-Aware Scheduler
Host is susceptible to the L1TF (CVE -CVE-2018-3646) issue even on the build-8935087.
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Cheers,
Supreet