Is Sword Art Online Fatal Bullet: The Third Episode hentai?
No
Rated PG-13 (Teens 13 or older) on MyAnimeList and not tagged as Hentai.

TV Special · 2018 · 1 episodes · PG-13 - Teens 13 or older
Video Game
The short follows a boy looking for a girl he met in the Gun Gale Online game. The boy believes they have a connection, but to the girl their connection is part of a fantasy. The time to test whether their bond is real or fantasy will come. (Source: ANN)
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