If "Replace" is blank it will not make the change, the same thing for "Replace(3) works with empty replacement text. I have noticed that ticking v2 resolves this issue but since there is no tooltip for that (or anything else?) I don't know if that is it's purpose, if so it is rather cryptic.
Windows 11, app ver 3.4.4.0
P.S. The .chm also doesn't work, only displays contents and no help.