Update meta fields for CPT in WordPress if not set already

snippet.php

<?php
$query = new WP_Query(array(
    'post_type' => 'company',
    'posts_per_page' => -1
));

$posts = [];

while ($query->have_posts()) {
    $query->the_post();
    $post_id = get_the_ID();
    $posts[] = $post_id;
}

wp_reset_query();

foreach($posts as $post_id) {
    echo $post_id;
    if (get_post_meta($post_id, 'ctl_visibility', true) === 'true') {
        // Do nothing
    } else {
        update_post_meta($post_id, 'ctl_visibility', 'false');
    }
}