Drag and drop to replace linked image with another one
Allow users to drag and drop an image from the computer to replace (relink) an existing linked image while maintaining its size, position, and appearance attributes
I learned to use recent Art Switcher plugin by Astute Graphics for this case.
I place a new image on canvas, then add the old one into the selection and hit a Cycle button, with Use Bounds and Keep Ratio options enabled. Works only when proportions are the same for now.
Yeah, Illustrator lacks some modern interactions... a lot of them. Voted.