It has been there for as long as I can remember.
One thing you have to be careful with is what you are changing. If the words you want to change have HTML coding in them, it may not change them. I have had such issues use find and replace.
So it is an HTML find and replace.
Now simple words or strings of text that have no HTML are fine to use find and replace. These are the same in Standard view or HTML View.
One other thing that bulk edit has is a Preview button for each listing. I always found it useful to go and see if the listing changed as expected when using Find and Replace. I think you have to go into customize in bulk edit to have Preview button show. I moved it all the way to the left so it is easy to find.