After a good half-hour of testing across different projects, compile formats, and keywords, I've come to the conclusion that the text replacement feature in Compile has stopped working on both the individual project level and the Compile Format level.
Example: I want to replace the word "Ponga" with "DRAGON."
Expected result: Compiled output replaces all instances of "Ponga" with "DRAGON."
Actual result: Compiled output does not replace any instances of "Ponga."
Changing any of the individual checkboxes or the words involved in the replacement action does not change this outcome.