I created a workaround utilizing the Enable Media Replace plugin. In the Media menu, I selected the image and under the Replace Media option, uploaded the new (and smaller) webp file with the Replacement Option set to Just Replace the File, and the Options set to Keep the Date, and completed the Upload. To confirm that the new image replaced the old, after refreshing the page, I right clicked the image and saved it locally… I then confirmed the file size was the smaller image file. I also loaded the page in several different browsers and confirmed the smaller replacement.
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