It's an old hotfix (released February 15, 2008) and it does not show on the list of hotfixes included with Office 2007 SP3 but the list only goes back to 2009. Does anyone know?
Wow, Microsoft really does make it hard to find this - you have to actually dig into the SP3 download file itself (7-zip works nicely for this, the .exe is just an archive).
The KB article lists the affected files as msppt.olb, powerpnt.exe and pptpia.dll with a version of 12.0.6300.5000 or later and ppcore.dll with a version of 12.0.6303.5000 or later.
The download for SP3 includes msppt.olb version 12.0.6600.1000, powerpnt.exe 12.0.6600.1000, pptpia.dll 12.0.6600.1000 and ppcore.dll 12.0.6606.1000
Assuming that there was no fork of the core executables of Office 2007, the fixes from the Hotfix should also be included in SP3.
This is not a bad question, I think the down-votes are unjustified.
Getting a definitive answer to your question will be exceptionally difficult. Microsoft don't communicate this kind of thing very well. Still...
Service Packs tend to incorporate previous hotfixes, but may also improve on them further in a way that supersedes them entirely. In that case it would be incorrect to say KB948943 is included as a fix, when in reality it was discarded for something better. This may well be the reason why KB948943 is not listed or mentioned in SP2/SP3 documentation.
I have read the description of KB948943. In my opinion there is no way that Microsoft would have left those bugs/issues unresolved in SP2/SP3. Unfortunately, proving that's actually true is tricky indeed.