Sorry to hear about the trouble with the content replacement issue in Photoshop. We're here to help.
Could you please share the version of Photoshop (Help > About Photoshop) and the version of Windows on your computer? Would you mind sharing your workflow?
Are you using this option on a smart object? Since when are you seeing this issue?
Can you post some screenshots with the Layers panel visible?
You can try resetting Photoshop preferences using the steps mentioned here: https://helpx.adobe.com/photoshop/using/preferences.html#reset_preferences.
Please backup your settings prior to resetting the preferences.
You can check https://helpx.adobe.com/photoshop/using/preferences.html#BackupPhotoshoppreferences.
Let us know how it goes.