Making it work with multiple selected objects at once would also be a huge time saver; I have a design where I need to replace 25 identical components with a different component which already exists. (it seems like multiple selection may already work; it at least still enables the Replace submenu when multiple objects are selected)

When right-clicking on a component, there is already a "Replace" sub-menu, but it only has the options "Fork and Replace" and "Clone and Replace". It would be useful to also be able to replace the component with another already-existing component.