Both answers above are correct and are based on the same approach that is the de-facto way as of today.
There are plans from Angular CLI to add an update feature in one of the coming releases.
To update your additional dependencies there is an elegant way by moving them to a second package.json. You can use Yarn Workspaces or package-json-merge for that. More info on my website: https://www.rainerhahnekamp.com/en/updating-angular-cli-dependencies/