Well, I just came to point out that even for external components "Replace Component" has very limited use because it doesn't swap references, it just breaks them. If you replace something up the timeline - everything downstream that references it will break as the referenced objects will be gone. You'll have to rebuild the whole assembly from that component down. There's no interface or dialog window to help with reselecting lost references. You have to fix them manually feature by feature. So the higher up the timeline something is, the less feasible replacing it becomes. It's incredibly frustrating and leads to workarounds where you remove a component and put another one it at the end of the timeline and then just rigid group the whole affair so it doesn't fall apart. Very wrong but that's what one has to do if one wants to quickly swap a part everything else is built on. You then get a bunch of knock-on effects when removed components can't be updated (for some reason that escapes me) and your whole project is constantly flagged as needing a "Get latest", etc, etc.
Been asking for a reference swap doctor for replace components for as long as I know Fusion. Can't be vibe-coded either as the API doesn't let you manipulate references like that.
@Doubletop_ somehow with fasteners it's different. If you use McMaster or other external models - then yes, you'll have to swap them with Replace Component as described above. But if you use Fusion Fasteners you can use right click - Edit Fastener and change the fastener without having to manually fix references. Which just goes to show it can be done if some resource is applied to making it happen. I get it, bolts and nuts are all placed in a similar way. But it shouldn't be rocket science to figure something out for other parts.