Bulk update of all columns
If you only want to update data, I'm not sure what the INSERT statement is for in your question.

If you just want to update several rows with a single statement, you might be looking for this:

with update_values (ID,PARENT_ID,BOUGHT_IN_FORM_TYPE_ID,PRIORITY,NAME,HEADING,DESCRIPTION,ICON,BOUGHT_IN_CONTROL_PANEL_FILE_ID) as 
(
  VALUES
     (109,1,28,100,'Tooling','Tooling','Enter your Machine Tools here','tooling.png',null), 
     (1,0,1,200,'Bought In','Bought In','','boughtin.png',null)
)
update bought_in_control_panel
   set parent_id = ud.parent_id, 
       bought_in_form_type_id = ud.bought_in_form_type_id,
       ....
from update_values ud
where ud.id = bought_in_control_panel.id;