Weird - I unchecked all of the products but network utilisation is still spikey.
Checked event viewer and saw that the SEPM is still downloading updates every 15 minutes ~
Event 7210 : Scheduled LiveUpdate session started.
Event 7211 : LiveUpdate session completed. Total time elapsed: 3 minute(s).
Update: Ahh, I found another live update setting within the SEPM console. It is hidden away in the 'Admin --> Local Site (My Site) --> Edit Site Properties --> LiveUpdate
This was set to 'Continuously' - I have now changed to every 4 hours and will update this post if this fixes it