IEEE Copyright and replacing previous ArXiv/TechRxiv versions I know that similar questions have been posted before but i cannot find a specific and complete answer.
Suppose that i post a preprint article on ArXiv/TechRxiv. Then, i submit the paper to an IEEE Transaction journal. After revisions it is accepted. In IEEE author's FAQ i can read the following:

Can an author post his manuscript on a preprint server such as TechRxiv or ArXiv?
Yes. The IEEE recognizes that many authors share their unpublished manuscripts on public sites. Once manuscripts have been accepted for publication by IEEE, an author is required to post an IEEE copyright notice on his preprint. Upon publication, the author must replace the preprint with either 1) the full citation to the IEEE work with Digital Object Identifiers (DOI) or a link to the paper’s abstract in IEEE Xplore, or 2) the accepted version only (not the IEEEpublished version), including the IEEE copyright notice and full citation, with a link to the final, published paper in IEEE Xplore.

So, here is the question: how can i do that if ArXiv/TechRxiv does not permit to replace/edit previous version of a preprint? I am allowed just to update the preprint, hence create a new version of it. However, previous versions remain accessible.
When referring to a preprint being replaced, it is understood that a new version will be generated. Most/all preprint servers do not generally permit editing existing versions in order to maintain a clear timeline.
Even though older versions remain accessible, readers would view the latest version as the most up-to-date version to refer to for future use, so this is unlikely to be an issue.
This interpretation also agrees with the terminology used by arXiv.