[react-native] How to loop and render elements in React-native?

You would usually use map for that kind of thing.

buttonsListArr = initialArr.map(buttonInfo => (
  <Button ... key={buttonInfo[0]}>{buttonInfo[1]}</Button>
);

(key is a necessary prop whenever you do mapping in React. The key needs to be a unique identifier for the generated component)

As a side, I would use an object instead of an array. I find it looks nicer:

initialArr = [
  {
    id: 1,
    color: "blue",
    text: "text1"
  },
  {
    id: 2,
    color: "red",
    text: "text2"
  },
];

buttonsListArr = initialArr.map(buttonInfo => (
  <Button ... key={buttonInfo.id}>{buttonInfo.text}</Button>
);