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>
);