Yes, the Count All will always record the total number of hits across all files.
Every time a new search is started, from that point in the initial file and then through all other files in the target set, the search will be performed Find by Find.
So the "No matches Found", in this case means really means "No Remaining Matches Found" from where you started the new search through all other files in the set you told it to search.
So if you skipped over replacements, Count All will find and count them as still being matches.
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