Hi, Ive tried to use R &R in premiere 2022 but its a total waste of time as it doesn't do anything. It's much more productive to transcode all the required files using media encoder first . This will save hours of time .
Welcome to the community, and sorry about the issue. Could you let us know which version of Premiere Pro you are currently working on? What happens when you click on Render and Replace? Do you see the render settings box? Would it be possible for you to share a screen recording of the issue?