//$somotherval is going to be different for each mysql update, its not a random number, or basic integer but for the sake of illustration i'm making it one here
That is not the smart way to ask a question like this. Why not just tell us what the data is and where it comes form and then we'll be able to tell you jow to do it - instead of ***** in the wind.
The basic answer to your question is no, you do not need to run endless queries inside aloop to acheive this. How it should be done depends on a) what the update values are b) where they come from c) how they relate to the exisitng data in the table. That is why hiding the truth is a dumb way to ask a question.
If both are coming from outside the database then create a work table with 2 columns: the values in the array, and the $someotherval. Then run an update query with a join to the work table.