With a minor change, you can. In the while loop, assign qRefs.store_ref to qRefs. In fact you don't need to keep references to the old builder. I would write it like this:

() save_data_on_update(slice destination_address) impure inline {
  builder b = begin_cell();
	b = b.store_slice(destination_address);
	repeat (4) {
	  b = b.store_ref(begin_cell().store_uint(0, 1).end_cell());
	}
	cell c = b.end_cell();
	set_data(c);
}