I may not be the best person to answer because I am rather jaded on the topic.
But I think at 3 years old, a child is not going to associate a live feeding with death or understand the true meaning of death. They're not going to be traumatised because they don't know what's happening in my opinion.
I know 7 year olds who are fascinated with watching a snake feed. Yes, they're sad that the rat is gone, but they seem to understand enough at that age that a snake needs to eat certain things in order to live.
Maybe explain to your child verbally on how a snake eats first. If they can understand that and the process, maybe you can decided whether or not to visually show him. Perhaps start with a prekilled feeder.
But either way, I think its important to expose children to certain aspects of the process of life and death. I've noticed that truly sheltered people tend to be more ignorant, freak out, and stress more than average as young adults and adults regarding death.
Just my $.02
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