The Settings & Defaults section features a bulk edit utility that can be utilized to quickly update defaults. For example, you might need to deactivate several default modules at once, or change the hourly rate of several default work types.
This video example shows how to set work types to active or inactive using the bulk edit utility, as well as how to change hourly rates. Please note that changing default hourly rates in bulk does not change the hourly rates on existing projects. This is done by design to the original settings on active and completed projects. Any newly created projects will have the new rate.