Michael Hunger wrote a wonderful article. I think it can help you https://medium.com/neo4j/5-tips-tricks-for-fast-batched-updates-of-graph-structures-with-neo4j-and-cypher-73c7f693c8cc.
From my own perspective, the problem occurs when you...
I think you have a correct approach of using APOC periodic iterate.
1/ Perhaps you need to specify what kind of nodes you want. Otherwise you would get too many nodes.
2/ There would be many MyNodeN linked to MyNodeT, they cannot be updated simul...
Depending on how many are those for each group:
1/ An intermediate node to 'own' the group is good idea, but costly in traversal or more verbose Cypher
2/ Directly linking them would be better, but too many relationships unnecessarily (I think)
I don't know how many nodes are there in the graph. If there are not too many, you can create a relationship between the nodes.
WITH m MATCH (n:MyNode) WHERE (m <> n) AND (m.range < n.range AND m.range < n.range)