Batch update million records in prd DB

Hello,

Now need to update several million records in a table in prd DB, if can use
batch update 1000 records and commit each time, if it will affect prd
application like below sample script please?

Sample script:

DO $MAIN$
DECLARE
affect_count integer;
chunk_size CONSTANT integer :=1000;
sleep_sec CONSTANT numeric :=0.1;
BEGIN

loop

exit when affect_count=0;

UPDATE tbl a
SET name = ''
WHERE a.id IN (SELECT id
FROM tbl b
WHERE name IS NULL
LIMIT chunk_size);

GET DIAGNOSTICS affect_count = ROW_COUNT;

commit;

PERFORM pg_sleep(sleep_sec);

end loop;
END;
$MAIN$;

Thanks and best regards