No. You understood me wrong.
The original string is scanned from the first character to the last character. The first regex in the array that matches the current character (until the end of the match) is applied. After this the algorithm keep scanning the original string from the next character that was not replaced by this last match, but it continues to check for matchs starting from the first element of the regex array to the last element of the regex array. This is, for any give character the match-checking always happen in order, and if a match is found the match-checking is interrupted, the replacement is made, the next character to look is the first after the replacement, and the first match to check is again the first match of the regex array not the index in which it stopped last time.
Consequently, both replacements would happen in your example. For the first character the first match does not trigger but the second does. For the second character of the original string the first match triggers, because all matches are always checked, and they are checked in the order given.