JSFiddle - React, Tailwind, and code Playground

JavaScript

var newArray = [
{name: 'abc', label: 'abclabel', values: [1,2,3,4,5]}, 
{name: 'test', label: 'testlabel', values: [1,2,3,4]}
]

var oldArray = [
{name: 'oldArray', label: 'oldArrayLabel', values: [1,2,3,4,5]}, 
{name: 'test', label: 'testlabel', values: [1,2,3,4,5]}
]

function mergeArrayWithLatestData (a1, a2) {
  var out = JSON.parse(JSON.stringify(a1))
  var a2copy = JSON.parse(JSON.stringify(a2))
  a2copy.forEach(function(ae) {
    var i = out.findIndex(function(e) {
    	return ae.name === e.name && ae.label === e.label
    })
    if (i!== -1) {
    	out[i] = ae
    } else {
    	out.push(ae)
    }
  })
  return out
}

console.log(mergeArrayWithLatestData(newArray, oldArray))