@Anonymous
What the formula is doing is to first sort the table by the created date. Then it groups those results by the "Name" column. All associated records will then be in the "_items" column. Since the list was sorted in descending date order, the first record of each individual group will be the most recent.
So, the ForAll then is returning the table of records that would be the group name, and then the first record values.
If you have a lot of columns to contend with, then you can change to the following Formula so that you don't need to specify each column by hand:
ForAll(
GroupBy(
Sort(CurrentTable, DateRecordCreated, Descending),
"Name",
"_items"
),
Patch({Name: Name}, First(_items))
)