Step 1: Recall the formula for enthalpy change.
The standard enthalpy change of reaction is given by:
\[
\Delta H^\circ_{reaction} = \sum \Delta H^\circ_{products} - \sum \Delta H^\circ_{reactants}
\]
Step 2: Apply the given values.
For the reaction:
\[
\Delta H^\circ_{reaction} = [2 \times \Delta H^\circ(CO_2) + 1 \times \Delta H^\circ(H_2O)] - [\Delta H^\circ(C_2H_2) + \frac{5}{2} \times \Delta H^\circ(O_2)]
\]
Since \(\Delta H^\circ(O_2) = 0 \, \text{kJ mol}^{-1}\), the term for oxygen drops out. Now substitute the values:
\[
\Delta H^\circ_{reaction} = [2 \times (-393) + 1 \times (-286)] - [227]
\]
\[
\Delta H^\circ_{reaction} = [-786 - 286] - 227 = -1072 - 227 = -1299 \, \text{kJ mol}^{-1}
\]
Step 3: Final Answer.
Thus, the standard enthalpy change of the reaction is \(-1299 \, \text{kJ mol}^{-1}\), so the correct option is \((3)\).