I personally don't have an issue with the current behaviour. I always understand the replace all as it currently works.
But as a possible enhancement a new button with "Replace all from here" (or something like that) could be implemented although I doubt about its coding effort/benefit ratio. It would work in a "non-greedy" way using direction and wrap options. (I mean with wrap on, both buttons would be the same).
Or another option could be that behaviour toggle over the "Replace All" button set through an additional editor preference.
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