When the updates are ready, Microsoft asks you when you want to apply them (reboot). Just select a date and time. So it sounds like it does exactly what you want.
The only thing I don't like about the new Windows Update process is that it should have been done years ago. I have repaired far to may computers running Windows 7 and older (not so much repairing the past few years) that are way behind on updates. Considering that the vast majority of Windows Updates are security updates, it makes sense that MS should be taking extra steps to ensure that these do get applied.