From what I see, I don't believe this feature exists, but Arlo if you read this, here is what I am trying to do.
I am creating a new set list using the previous one as a template. For a number of songs, I would like to replace them with another song, but it's not on the set list, only in the master library. Only way I can do this is go to add songs, add the song to the list, move it into place, and then delete the other song. If there were an additional feature under the 3 dots, like swap song, but instead, replace from master list, that would be very useful to me. Not sure if anyone else would find this useful.
Thanks
I can add that to my wish list, although that would make this function more complicated and perhaps more confusing.
Meanwhile, to swap a song with another, you would first need to add the other song to your set list.