Pages: Substitutions dialog — Replace All

Has anyone else had problems with the Pages Substitutions dialog since updating to Mac OS 15.2 (Sequoia)? I frequently use this dialog to replace all the "dumb" quotes with smart quotes, since I use dictation a lot, and it always types "dumb" quotes. Before, when I would pull up the Substitutions dialog and click on "Replace All," it would take less than 1 second to do so. Now, however, when I click the "Replace All" button, it takes anywhere from 45-60 seconds to complete, all the while leaving me to stare at the spinning lollipop.

I've tried quitting Pages and reopening it, and even rebooting my MacBook Pro, but neither one helps.

(I'm working on a MacBook Pro (14-inch, 2021, with M1 Max chip and 64 GB of RAM).