Update to Jest 29 (#34724)

Summary:
Pull Request resolved: https://github.com/facebook/react-native/pull/34724

Following on from the recent upgrade from Jest 26->27, this brings us up to present day Jest 29 for tests of React Native itself, Metro, and Meta-internal code. An update to the template for RN apps will follow.

Changelog:
[Internal][Fixed] Update to Jest 29

Reviewed By: huntie

Differential Revision: D39543504

fbshipit-source-id: b47fdb678212b475881ec19085f6cd45a4530333

jest.config.js

@@ -16,7 +16,14 @@ module.exports = {
     '.*': './jest/private/preprocessor.js',
   },
   setupFiles: ['./jest/setup.js'],
-  timers: 'legacy',
+  fakeTimers: {
+    enableGlobally: true,
+    legacyFakeTimers: true,
+  },
+  snapshotFormat: {
+    escapeString: true,
+    printBasicPrototype: true,
+  },
   testRegex: '/__tests__/.*-test\\.js$',
   testPathIgnorePatterns: [
     '/node_modules/',

package.json

@@ -106,7 +106,7 @@
     "react": "18.2.0"
   },
   "dependencies": {
-    "@jest/create-cache-key-function": "^27.5.1",
+    "@jest/create-cache-key-function": "^29.0.3",
     "@react-native-community/cli": "^9.0.0",
     "@react-native-community/cli-platform-android": "^9.0.0",
     "@react-native-community/cli-platform-ios": "^9.0.0",

repo-config/package.json

@@ -37,7 +37,7 @@
     "eslint-plugin-relay": "^1.8.3",
     "flow-bin": "^0.187.1",
     "inquirer": "^7.1.0",
-    "jest": "^27.5.1",
+    "jest": "^29.0.3",
     "jest-junit": "^10.0.0",
     "jscodeshift": "^0.13.1",
     "metro-babel-register": "0.72.1",