Alas, there is not.
InDesign lets you select content in an InDesign document and use it to update a Library Item, but it does not allow you to update a Library Item, then apply them to documents where you've already placed that library item. It will apply the update to new documents where you drag out that updated Library Item and place it, but there's no data linking that will let you apply those updates retroactively. Once you drag that item out of the library and place it, it's discrete InDesign element(s) and there's no link or association to the Library panel.
I wish I had a better answer for you, but unfortunately this is the correct one.
OK, if using the Library is not the answer then how can I create text based items that I can "link" to so that I can update them in one instance and have them update in all documents where they were used when those documents are opened?
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you could place and link InDesign document pages.
Do changes in the linked InDesign document, update the links in all documents you placed the document.
If you want to Publish Online your main documents the placed document pages are rendered in pixels.
Exported PDFs would be ok unless you do hyperlinks and PDF form fields with the linked contents.