Update key value form a key|value list field

MODULE_NAME.module

<?php

use Drupal\Core\Database\Database;

function module_update_80NN() {
  $field = 'field_name';
  $tables = [
    'node__'.$field,
    'node_revision__' .$field
  ];
  $fieldMapping = [
      'old-1' => 'new-1',
      'old-2' => 'new-2',
      'old-3' => 'new-3',
      'old-4' => 'new-4',
      'old-5' => 'new-5',
  ];
  foreach($tables as $table) {
    foreach ($fieldMapping as $oldValue => $newValue) {
      Database::getConnection()
          ->update($table)
          ->fields([$field.'_value' => $newValue])
          ->condition($field.'_value', $oldValue)
          ->execute();
    }
  }
}