Do you mean Tools > Library Tools > Find and Replace ... ? That tool is *definitely* only designed to work on the file tags.
The topic on the wiki about "Moving Files" is accurate.
Jim's
Moving Files wiki article is actually inaccurate in this way, and should be fixed (perhaps I'll have time later).
In the distant past, before the Rename, Move, and Copy File tool had a Find & Replace template, you could use the regular Find & Replace tool to achieve the same effect. When you used Find & Replace on the [Filename] tag, it behaved like RMCF does in
Rename mode (and actually moved the files, if they existed on disk). Around the time when the Find & Replace template was added to RMCF, the behavior of the regular Find & Replace tool was changed so that it always works in, essentially,
Update database only mode.
Jim's article has not been updated to reflect this, and still advises these changes to be done the "old way". When I fixed RMCF article, I added the {{Outdated}} tag to his Moving Files article for this reason (and added a link to the RMCF article), but I didn't go through and fix his article.