There is, but it is not intuitive.
You will need to use the CHAR() function in SQL to do this as SFMC SQL Validator will not allow the reserved char ;
inside of your query no matter if it is escaped or inside a string.
So for example, you would do: Replace(FIELD,'apos''&apos' + Char(59), Char(39))
Char(59) = ;
Char(39) = '
To help remove the complexity of trying to escape a single quote inside a single quoted string in SQL, I just used the Char() function again to represent the single apostrophe.