The short answer is no, it’s the way this tool was designed. So whilst it “might” be possible to change it, that’s not something high on my priorities so far. It was specifically done this way to make the function actually practical on large trees, on servers with more limited resources.
But I’m puzzled by (or misunderstanding) the statement “It is really a pain to have to wait for 2 searches for each change.”
You only need to do this for the first record. Then with “Update”, or “update all” you can apply the same search and replace to all other matching records. If it’s not working like that w should investigate.