The only notable change in Opera 38.0.2220.31 is an upgrade to the Chromium engine on which it is based. Chromium upgrades typically improve performance and stability.
The change log for 38.0.2220.31 lists only one difference: DNA-54944 All downloads not working. The meaning of this is unclear.
Based on the available information, no security fixes were addressed in the new version.
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Rants and musings on topics of interest. Sometimes about Windows, Linux, security and cool software.