last laugh vs victory

last laugh and victory both are nouns.

Word	Noun	Adjective	Verb	Adverb
last laugh	Yes	No	No	No
victory	Yes	No	No	No

As nouns, victory is a hypernym of last laugh; that is, victory is a word with a broader meaning than last laugh:

last laugh: ultimate success achieved after a near failure (inspired by the saying `he laughs best who laughs last')
victory: a successful ending of a struggle or contest

Other hypernyms of last laugh include triumph.

last laugh (noun)	victory (noun)
ultimate success achieved after a near failure (inspired by the saying `he laughs best who laughs last')	a successful ending of a struggle or contest