justed wanted to add: I have the same problem. I'm using a Dell Precision 5510 with an Intel Xeon E3-1505M v5 (Intel HD Graphics P530) and Windows 10 Enterprise, version 1607, build 14393.447.
Windows Update installs the latest version of the Intel driver which leads to the described problem. Installing the latest Dell-provided driver (version 184.108.40.20683) solves the problem.
Interestingly enough: I can NOT install the latest Intel-provided driver manually. The setup detects that I should be using a Dell certified driver on my notebook and exits. Unfortunately the same is not true for the driver provided via Windows Update.
I also have a problem with this update. After 4531installed, my laptop screen goes black. At boot I can see the BIOS screen, but as soon as Windows starts there is no video output. I don't have a second monitor to test if I have your issue as well. I had to roll back using RDP, then laptop screen works normally. I let Windows Update install latest drivers, still fails. I downloaded drivers direct from Intel, same issue. I can only get it to work with .4248 installed. I have done this 3 or 4 times in different combinations.
I'm going to have to disable this update in Windows; yesterday it updated on me at a customer site and I couldn't do my job.
Dell Precision M3800
Intel HD Graphics 4600
NVIDIA Quadro K1100M
Windows 10 Pro Version 1607 Build 14393.447
Have you tried installing the latest driver from your computer manufacturer’s website, your computer manufacturer has the proper driver for your system.
However, you can try the Intel® generic driver, but be aware that Intel provides generic versions of drivers for general purposes. Your computer manufacturer may have altered the features, incorporated customizations, or made other changes to your driver. Intel recommends you contact your computer manufacturer for the latest system specific updates and technical support information.
At this point, I suggest you to uninstall the old driver first; please see Uninstalling the Intel® Graphics Driver and Intel® Display HDMI/Audio Driver, once the driver is uninstall restart your system, then install the generic driver manually, please see How to Manually Install an Intel® Graphics Driver in Windows® 10 & Windows 8* or Windows 8.1*
The latest driver you can download it here: