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my $xpath = XML::XPath->new('xml' => $XML);
foreach my $node ($xpath->findnodes('/foo/bar/element')->get_nodelist)
+ { 
...
    $xpath->setNodeText('/foo/bar/element[@id=' . $id . ']', $data);
}

my $newXML = $xpath->findnodes_as_string('/');

<foo>
  <bar>
    <text><![CDATA[La dee da de da.<br>Foo bar baz]]></text>
  </bar>
</foo>

<foo>
  <bar>
    <text>La dee da de da.&amp;lt;br>Foo bar baz</text>
  </bar>
</foo>