Hi,
I was able to successfully overwrite my hosted feature layers on AGOL using scripts GitHub - arcpy/update-hosted-feature-service: Update and overwrite a hosted feature service on ArcGI...
However after the overwriting I still need to re-set the settings for my feature layers to
In the ArcGIS REST API there is mention of how to Update Definition (Feature Service) and Update Definition (Feature Layer). In your workflow, I would suggest that you copy and save the desired settings from the service/layer you are updating, overwrite the service and then use the saved settings make any final tweaks.