I just checked on my machine (Windows 7 x64) with a recent build of 0.92.x branch (b2fd37f, 2017-10-23) and "Replace color" works flawlessly.
One thing that could cause this type of problem is a faulty Inkscape installation (as we changed some things internally for 0.92.2 leftover files of a previous installation often cause issues).
Could you try to completely uninstall Inkscape and then install into an empty directory (either pick a new installation directory or make sure to delete any potential leftovers from the previous installation directory prior to installation)?
I just checked on my machine (Windows 7 x64) with a recent build of 0.92.x branch (b2fd37f, 2017-10-23) and "Replace color" works flawlessly.
One thing that could cause this type of problem is a faulty Inkscape installation (as we changed some things internally for 0.92.2 leftover files of a previous installation often cause issues).
Could you try to completely uninstall Inkscape and then install into an empty directory (either pick a new installation directory or make sure to delete any potential leftovers from the previous installation directory prior to installation)?