Yes, of course. The Default notification templates are updated automatically, there is no action needed there. If you are using a custom made templates you need to modify the links inside the templates.
There are two ways to update those templates:
Here you will find informations on: Restoring Default Content of a Notification Template
To edit a template content manually you need to:
On the list locate the template you want to update and click the pencil icon to edit the template.
Before you start changing the content of the template create a backup copy. Use the Source button to view the source code, copy the content to a file (i.e. notepad) and save it on your computer.
Click Save to save changes in notification template.
From now this template will direct your vendor to the Vendor Portal.