One possible approach to handle this scenario is to create a custom Batchable class that will retrieve the records from the Custom Object and perform the necessary updates on the corresponding SObject records. Here are the high-level steps for implementing this approach:
Define a custom object that will hold the update instructions. As you mentioned, this object will have fields for the SObject name, record ID, field name, and field value.
Create a batch job that will retrieve the update instructions from the custom object and perform the necessary updates. The batch job can be scheduled to run at a certain interval, or you can trigger it manually.
In the execute method of the batch job, query the custom object to retrieve the update instructions. Use the SObject name and record ID to retrieve the corresponding record, and update the specified field with the new value.
To make the batch job flexible and able to handle updates on multiple objects, you can use a dynamic SOQL query to retrieve the records based on the SObject name and record ID. You can also use the Database.update method to perform the updates, which will work for any SObject type.
Here's an example of what the Batchable class could look like:

public class UpdateInstructionsBatch implements Database.Batchable<SObject> {

    public Database.QueryLocator start(Database.BatchableContext context) {
        return Database.getQueryLocator([
            SELECT Id, SObject__c, SObjectID__c, Field__c, Value__c
            FROM Update_Instructions__c
        ]);
    }

    public void execute(Database.BatchableContext context, List<Update_Instructions__c> instructions) {
        List<SObject> recordsToUpdate = new List<SObject>();
        for (Update_Instructions__c instruction : instructions) {
            String sObjectName = instruction.SObject__c;
            String recordId = instruction.SObjectID__c;
            String fieldName = instruction.Field__c;
            Object fieldValue = instruction.Value__c;

            // Use dynamic SOQL to retrieve the record to update
            SObject record = Database.query(
                'SELECT Id, ' + fieldName + ' FROM ' + sObjectName + ' WHERE Id = \'' + recordId + '\''
            );
            if (record != null) {
                // Update the record and add it to the list of records to update
                record.put(fieldName, fieldValue);
                recordsToUpdate.add(record);
            }
        }

        // Perform the updates
        Database.update(recordsToUpdate, false);
    }

    public void finish(Database.BatchableContext context) {
        // Optionally, perform any cleanup or logging here
    }
}

If you find this answer helpful, Please mark it as the best answer.