Last Updated: June 9, 2020
With the latest Monthly update (version 2005, build 12827+), you can only replace fonts within a PowerPoint presentation if the font is already in use. The Replace Font dialog will only show used fonts in the With drop-down box.
The expected behavior is this drop-down should show all fonts.
To work around this issue, insert sample text into presentation and then set its font to the font you want to use. In the Replace Font dialog, select the sample text font from the With drop-down box. You should see the font listed in the replace font dialog to replace with.
Build “16.0.12827.20336” will include the fix will be rolled out soon.
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