There is indeed an update_batch() method available in CodeIgniter already.
You can use it your example like so:
$data = array(
array(
'ID' => 1,
'Settings Name' => 'Hello',
'Settings Value' => 'True'
),
array(
'ID' => 2,
'Settings Name' => 'World',
'Settings Value' => 'Good'
)
);
$this->db->update_batch('tableName', $data, 'id');