Remove Album from Title

How do you remove the value of one field from another field? If the title of a song is "Red" and the album name is "Blue", then the format of the title is

Blue Red
%album% %title%

I have tried the Action, Replace with regular expression, to no avail.

Field: TITLE
Regular expression: ^%album%\s+
Replace matches with:

This attempt is similar to the one listed here for removing a leading "The" from a title. But of course it uses the reference "%album%" instead of the absolute "The". Is using references not possible with the Replace feature?

Since the same help topic suggests using complicated regular expressions for removing leading track numbers rather than a simple reference to %track%, it looks like references and replacement don't go together. If so, how else can I accomplish my goal?

(p.s. The Excel function SUBSTITUTE can do what I'm trying to do in mp3tag. In the Old_text parameter of SUBSTITUTE, you can enter either a literal string "Blue" or enter a cell reference "B1" which may contain the string "Blue".)

You can use action type Format value:
Action type: Format value
Field: TITLE
Format string: $replace(%title%,%album% ,)