I checked my systems and none of them have a McAfee folder although they all have the JRE installed.
I recently have updated the JRE on them.
So no, a update of the JRE does not create a McAfee folder.

Just a guess, you installed a old version of JRE and agreed to install McAfee as well.
The solution is rather easy.

  • Remove all traces of the JRE.
  • Remove all traces of McAfee.
  • Install the latest version of the JRE (7.51)