Is there a way to achieve this? I want to update multiple inovelli switch settings at the same time.
With Home Assistant you would need to write your own custom script/automation.
Z-Wave JS UI has a driver function snippet clone-config that makes this task easier, just replace the source and target node ID(s) and run. This example is show in the docs. https://zwave-js.github.io/zwave-js-ui/#/usage/driver_function?id=examples.