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Just to make sure I understand this correctly.
From level 5 and every odd level after that, Can Summoner replace two old spells for two new spells of the same level?
And Does this happen in parallel and regardless of the process of losing low level slots and two spells from the repertoire to receive 2 high level slots and two new spells or stronger versions of the old ones?
The rules that I find:
At 5th level, in addition to adding two 3rd-level spells to your repertoire, you lose your lowest level of spell slots. Any time you lose a level of spell slots, you lose two spells in your repertoire as well. These can come from spells you already know or out of the number of new spells you're learning. On levels in which you don't change your spell slots, you can swap out multiple spells, as described below.
As you gain new spells in your repertoire, you might want to replace some of the spells you previously learned. Each time you gain a level and learn new spells, you can swap out one of your old spells for a different spell of the same level. If it's a level at which you lose a set of lower-level slots, you can replace the two in either order. You can also instead swap a cantrip. You can also swap out spells by retraining during downtime.
At 6th level and every even level thereafter, you can swap out any number of your spells for different spells of a level you can cast. When you do, you must keep at least one spell you can cast with your lowest level of spell slots so you don't end up with slots you can't use.
Yeah, this is actually really confusing. I have gone back and forth on this a few times trying out different interpretations to get something that is consistent.
So level 5 seems to have some specific rules. And there is a difference between even and odd levels and what you can replace.
That Spell Repertoire rule seems to be saying that you can only use the Swapping Spells rules on even levels - when you don't change your spell slots. But I don't think that is the only interpretation, and it causes problems because you do in fact swap spells on the odd levels too.
So the Swapping Spells rules are the general rules and that 3rd paragraph of Spell Repertoire is the override specifically for 5th and higher odd levels where you are losing spell slots. At those odd levels you use the 'gain 2 - lose 2' process instead of the normal process of swapping spells. But it does seem to be a replacement.
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So to answer the specific questions:
From level 5 and every odd level after that, Can Summoner replace two old spells for two new spells of the same level?
Technically, no. You would lose an existing spell and learn a new one (up to twice), or you would lose the new one instead of learning it and keep all of your existing spells (the remaining amount up to twice).
However, you can learn heightened versions of the old spells that you are wanting - and those are treated as different spells for a spontaneous spellcaster. So while the names of the spells may all be lower level than your maximum, and a couple are different than before, it may still be a valid RAW swapping of spells.
And because all of your spells are signature spells, learning a heightened version instead of a base version really doesn't matter.
And Does this happen in parallel and regardless of the process of losing low level slots and two spells from the repertoire to receive 2 high level slots and two new spells or stronger versions of the old ones?
I don't think so. At odd levels where you are losing spell slots, the 'gain 2 - lose 2' process defined in "Spell Repertoire" seems to be an override. So you wouldn't use the normal "Swapping Spells" rules.
But that does seem to be a bit strange. It prevents swapping out a Cantrip at odd levels, for example. For no apparent reason.
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How I would actually run it:
At level 5, swap out any two spells for any other two spells that you can cast.
At level 6+ (regardless of even/odd level and whether you are losing spell slots or not): Rearrange your Repertoire however you like, as long as you have at least one spell to cast with your lowest level spell slots.