You can change only one property at a time; for multiple changes you need multiple calls. In this example, you want to update the IsVinyl property to false, add a new property Recorded, and add another element called Barrett to the Members property:
DECLARE @json NVARCHAR(MAX) = N'{ "Album":"Wish You Were Here", "Year":1975, "IsVinyl":true, "Members":["Gilmour","Waters","Wright","Mason"] }'; PRINT JSON_MODIFY(JSON_MODIFY(JSON_MODIFY(@json, '$.IsVinyl', CAST(0 AS BIT)), '$.Recorded', 'Abbey Road Studios'), 'append $.Members', 'Barrett');
Here is the output:
{ "Album":"Wish You Were Here", "Year":1975, "IsVinyl":false, "Members":["Gilmour","Waters","Wright","Mason","Barrett"], "Recorded":"Abbey Road Studios" }