If you want to merge two separate Photos Libraries, you can do this by making each of your two libraries your iCloud Photos Library in turn.
- First make a current backup copy of both Photos Libraries.
- Wait, until all photos and albums from your current iCloud Photos Library have been uploaded to iCloud Photos.
- Then make the second, restored Photos Library your System Photo Library and iCloud Photo Library. To do this quit Photos, if it is running. Double click the new library to open it in Photos, go to the Photos Preferences.
- In the Photos > Preferences > General click "Use as System Photos Library".
- IN the Photos > Preferences > iCloud click "iCloud Photos" and "Optimise Storage".
- Now all items (photos, videos, albums) from the new library will be uploaded to iCloud Photos as well and merged into the existing iCloud Photos Library, avoiding duplicates. Once the upload has finished, the merged iCloud Photos Library will be downloaded to the currently open Photos Library. You can then delete your first library, if you have a backup copy. If you have enough free local storage, you can then disable "Optimise Mac Storage" in the Photos > Preferences > iCloud.
See: Notes on Merging Photos Libraries, 2019 Version
Merging in iCloud is the best option, if you are using iCloud Photos anyway. It will preserve the adjustments, the albums, smart albums, all Metadata and preserve the lossless workflow. The adjusted versions will remain paired with the originals, so you can still revert the adjustments individually.