VBA Find and Replace - "Replace" button changes next "Find" result, not the text currently highlighted

VBA Find and Replace - "Replace" button changes next "Find" result, not the text currently highlighted

I just tried to use the Find and Replace functions in the VBA Editor to change some variable names I had used in my macro code.

When I enter text in the find box and search for it using "Find", the text is found correctly in the code and highlighted. But if I enter text in the replace box and click "Replace", the text currently highlighted in the code as matching the term in the find box remains just as it is, while the next text that matches in the code is changed to the text I have entered in the replace box.

Fortunately I spotted this because the text changed within the small viewport, but if the next matching text had been further down in the code I could've made quite a mess of the macro without realising anything was being replaced.

Am I using this function incorrectly? Or is something else amiss?