[{name:"test",array1:[{type:"big",array2:[{name:"xyz",value:1}]}]}]

db.collection.update({array1:{$elemMatch:{"type":"big","array2":{$elemMatch:{"name":"xyz"}}}},/**...someOtherFilters*/},{$set:{"array1.$[element1].array2.$[element2].value":100}},{arrayFilters:[{"element1.type":"big"},{"element2.name":"xyz"}],multi:true})