I won't challenge your view but I will state - whatever your view is - that the theory of the rapture is a new one only made up in the early part of the 19th century.
As for the replacement theory - it is a western Christian concept which limits my vocabulary because eastern Christians use different language and understandings. Per Galatians 3:29: "And if you are Christ's, then you are Abraham's offspring, heirs according to the promise." So that sounds like both a continuation of the covenant through Christ. A new covenant is more like the wording I would use rather than replacement and no special place is put in there for people based on ethnicity.