Right now if you import an ics file with an updated version of an event already on your target calendar, it will fail to import saying the event is a duplicate. Instead it should update the existing event (since UID indicates it's the same logical event and SEQUENCE indicates the version being imported is newer). See #730 for additional context.
There's already a workaround to do this manually but the process is clunky (by feeding the dumped rej.ics file back through import --use-legacy-import).
Note versions prior to #712 / 4.4.0 didn't have this issue, but had the inverse issue of updates being too aggressive and tending to generate duplicate events and notification spam.