diff --git a/packages/grafana-data/src/dataframe/frameComparisons.test.ts b/packages/grafana-data/src/dataframe/frameComparisons.test.ts
index a5feae7d51c..98cad7ccfe0 100644
--- a/packages/grafana-data/src/dataframe/frameComparisons.test.ts
+++ b/packages/grafana-data/src/dataframe/frameComparisons.test.ts
@@ -183,7 +183,7 @@ describe('test comparisons', () => {
       expect(compareDataFrameStructures(a, b)).toBeFalsy();
     });
 
-    it('does not compare deeply', () => {
+    it('does deep comparison', () => {
       const a = {
         ...frameB,
         fields: [
@@ -218,7 +218,7 @@ describe('test comparisons', () => {
         ],
       };
 
-      expect(compareDataFrameStructures(a, b)).toBeFalsy();
+      expect(compareDataFrameStructures(a, b)).toBeTruthy();
     });
   });
 });
diff --git a/packages/grafana-data/src/dataframe/frameComparisons.ts b/packages/grafana-data/src/dataframe/frameComparisons.ts
index c4c6cb4dae9..d5f1ef99390 100644
--- a/packages/grafana-data/src/dataframe/frameComparisons.ts
+++ b/packages/grafana-data/src/dataframe/frameComparisons.ts
@@ -1,3 +1,5 @@
+import { isEqual } from 'lodash';
+
 import { DataFrame } from '../types/dataFrame';
 
 /**
@@ -8,10 +10,6 @@ import { DataFrame } from '../types/dataFrame';
  * ```
  * compareArrayValues(a, b, framesHaveSameStructure);
  * ```
- * NOTE: this does a shallow check on the FieldConfig properties, when using the query
- * editor, this should be sufficient, however if applications are mutating properties
- * deep in the FieldConfig this will not recognize a change
- *
  * @beta
  */
 export function compareDataFrameStructures(a: DataFrame, b: DataFrame, skipConfig?: boolean): boolean {
@@ -63,11 +61,9 @@ export function compareDataFrameStructures(a: DataFrame, b: DataFrame, skipConfi
       if (key === 'interval') {
         continue;
       }
-      if (key === 'custom') {
-        if (!shallowCompare(cfgA[key], cfgB[key])) {
-          return false;
-        }
-      } else if (cfgA[key] !== cfgB[key]) {
+
+      // Deep comparison on all object properties
+      if (!isEqual(cfgA[key], cfgB[key])) {
         return false;
       }
     }
diff --git a/public/app/features/panel/components/PanelRenderer.tsx b/public/app/features/panel/components/PanelRenderer.tsx
index 2c0a9a55aee..741beb9d905 100644
--- a/public/app/features/panel/components/PanelRenderer.tsx
+++ b/public/app/features/panel/components/PanelRenderer.tsx
@@ -1,6 +1,15 @@
 import React, { useState, useMemo, useEffect, useRef } from 'react';
+import { usePrevious } from 'react-use';
 
-import { applyFieldOverrides, FieldConfigSource, getTimeZone, PanelData, PanelPlugin } from '@grafana/data';
+import {
+  applyFieldOverrides,
+  FieldConfigSource,
+  getTimeZone,
+  PanelData,
+  PanelPlugin,
+  compareArrayValues,
+  compareDataFrameStructures,
+} from '@grafana/data';
 import { PanelRendererProps } from '@grafana/runtime';
 import { ErrorBoundaryAlert, useTheme2 } from '@grafana/ui';
 import { appEvents } from 'app/core/core';
@@ -112,18 +121,29 @@ function useFieldOverrides(
   timeZone: string
 ): PanelData | undefined {
   const fieldConfig = defaultOptions?.fieldConfig;
-  const series = data?.series;
   const fieldConfigRegistry = plugin?.fieldConfigRegistry;
   const theme = useTheme2();
   const structureRev = useRef(0);
+  const prevSeries = usePrevious(data?.series);
 
   return useMemo(() => {
     if (!fieldConfigRegistry || !fieldConfig || !data) {
       return;
     }
-    structureRev.current = structureRev.current + 1;
+
+    const series = data?.series;
+
+    if (
+      data.structureRev == null &&
+      series &&
+      prevSeries &&
+      !compareArrayValues(series, prevSeries, compareDataFrameStructures)
+    ) {
+      structureRev.current++;
+    }
 
     return {
+      structureRev: structureRev.current,
       ...data,
       series: applyFieldOverrides({
         data: series,
@@ -133,7 +153,6 @@ function useFieldOverrides(
         theme,
         timeZone,
       }),
-      structureRev: structureRev.current,
     };
-  }, [fieldConfigRegistry, fieldConfig, data, series, timeZone, theme]);
+  }, [fieldConfigRegistry, fieldConfig, data, prevSeries, timeZone, theme]);
 }