The operation
What the em dash replacer actually computes
One global substitution over the pasted string. The pattern is a character class holding two codepoints, U+2014 and U+2013, and every match is replaced with the string in the single text control. There is no tokenisation, no sentence parsing and no grammatical inspection, which is worth stating because at least one competing page advertises conversion to grammatically correct commas. A substitution of this shape cannot read grammar.
The control is a text input rather than a select, and that accounts for most of the practical difference between this em dash replacer and the ranking alternatives, which ship fixed menus of four to six presets. Any string is a valid replacement, so a double hyphen, a comma followed by a space or a spaced hyphen need no special support because they are not special cases.
Execution is client-side. No request is made, which is why no run allowance and no character ceiling apply here. The input pane is not mutated by a run, so successive runs with different replacements all operate on the original text.