Remove href tag from wp_postmeta in 34,000 posts?

Firstly, I would consider using one of WordPress’ wp_kses-like functions, instead of PHP’s strip_tags().

Secondly, query your posts with WP_Query or get_posts() with the fields parameter set to ids – seems like you don’t need more than that.

Thirdly, split up your loop into steps that are effective and manageable. Because 34000+ posts will likely reach the limits of your server – at the very least regarding processing time.

You could for example make smart use of the posts_per_page and/or offset parameters for WP_Query/get_posts. Or you might do it by handling the complete array of IDs you can get by setting posts_per_page to -1 another way with PHP. For an exemplary approach take a look at the following answer by @TheDeadMedic on a similar matter.

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