I’ve resolved the problem by deactivating another plugin, which seems to have been conflicting. Thanks.
The plugin is not working for me either –– it adds the replacement image to the media library, but leaves the original target image unchanged. I tried looking at the image using the URL suffix “?anything” but this continues to show the original image.
I experience the same behavior with WordPress 5.0.3 and 5.1.
(I am using a Divi theme, but don’t believe that is relevant to the media library)
Thanks for your help!