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Hmm. I had tried replacing clips with similar and different types of clips and hadn't seen any issues, but I do see the same problem if I resize the color board like you did. I didn't see any problems going the other way (placing and resizing a video clip and replacing it with a color board), so I'd say that the problem with the Replace option is limited to some very unusual and specific situations
Until today, I'd never even thought of replacing a color board with a video clip so I don't know if this is limited to the latest release or not. I suggest contacting CL Tech Support from this page.
Replace function is working fine in all ways except on color board. Just downgrade PD it to any version, You will see that it will work fine.
This problem is only in latest version 21.1.2401.
Since i am facing little bit issue on my side. Can u please forward this issue to PD team.
This color board is very important for me. I've saved more than 200 template with color board in it. I am using it from last 2 years without any issue. Now it's not working for me so please do the needful.