This is not the first time I find you claiming something is parametric when it doesn’t have to be.
Now, there may have been some advanced examples shown (with fillets automatically updating), but what Replace Face essentially does is exactly what the CreateSolid command in Rhino already is able to do, only it secretly explodes and untrims everything, swaps out the faces you have selected with each other (and it can be a chain of them), and then maybe performs a few ExtendSrf if needed to recreate an enclosed volume and then runs the CreateSolid command again (or if it’s an open polysurface, it extends to ensure overlaps and re-trims and re-joins everything).
I found myself today really wishing I moved my current project to NX as well because I had to move a number of things around and it’s incredibly tedious in Rhino.
However, I understand this is difficult to currently implement in Rhino because ExtendSrf is still quite bad and that has to be robust before you can attempt a ReplaceFace tool.