The function is there in principle but not as you probably expect it.
The trick is to use an action of the type "Guess value" for the list of fields that you want to treat in one go and use a delimiter of your choice. Also, the bulk function has to be applied to the source.
An example: you want to remove the "The" from ALBUMARTIST and ARTIST:
Action: "Guess value"
Source: $replace('%albumartist%===%artist%,The ,)
Target Pattern: %albumartist%===%artist%
The === can be replaced by more or less any unique character.
See, what you can make of it.