Hi @sunithav :
I've made a test but it worked well on my side:
1\My data source:

2\Add a gallery(gallery) and set it's items property to:
DataSource
3\Add a label control(lblItemID) into this gallery and set it's text property to
ThisItem.ID
4\Add a combobox(ddlStatus) into this gallery and set it's items property to
["Yes","No","No-Not Applicable","No-Not Available"]
5\Add a button control and set it's OnSelect proeprty to(I noticed that the formula you provided may have some errors, I have marked them in red):
ForAll(Filter(gallery.AllItems, "No" in ddlStatus.Selected.Value),
UpdateIf(
'DataSource', ID = Value(lblItemID.Text),
{'Column1': "Text"}
)
);ForAll(Filter(gallery.AllItems, ddlStatus.Selected.Value = "Yes"),
UpdateIf(
'DataSource', ID = Value(lblItemID.Text),
{'Column1': "Text", 'Column2': "Text",'Column3': "Text",'Column4': "Text"}
)
)

In addition,you can also try this formula to submit:
ForAll(
gallery.AllItems,
If(
"No" in ddlStatus.Selected.Value,
UpdateIf('DataSource', ID = Value(lblItemID.Text),{'Column1': "Text"}),
"Yes" in ddlStatus.Selected.Value,
Patch('DataSource', LookUp('DataSource',ID = Value(lblItemID.Text)),{Column1: "Text", Column2: "Text",Column3: "Text",Column4: "Text"})
)
)
Or
ForAll(Filter(gallery.AllItems, "No" in ddlStatus.Selected.Value),
UpdateIf(
'DataSource', ID = Value(lblItemID.Text),
{'Column1': "Text"}
)
);ForAll(Filter(gallery.AllItems, ddlStatus.Selected.Value = "Yes"),
Patch(
'DataSource', LookUp('DataSource',ID = Value(lblItemID.Text)),
{Column1: "Text", Column2: "Text",Column3: "Text",Column4: "Text"}
)
)
These formulas also worked well on my side
Best Regards,
Bof