Hi skulkarni,
Thank you for reaching out to us with your query.
It is indeed possible to import a new demo to your site while retaining your existing products and text, even old demo content can be saved . However, I recommend taking a complete backup of your current site before proceeding with the import to ensure that no data is lost accidentally.
Another way can be creating a staging site (full copy of live site), there you will be able to do a test import. Please note that in case you skip old demo content deleting, new pages and images will be imported with additional IDs, which means some images can be messed up on newly imported pages.
Maybe it is better not to run a full new import, but to take particular sections from different demos using Additional pages
import https://xtemos.com/docs-topic/installation-process/
I hope this information is helpful.
Regards,