Welcome @KRR
to search and replace to bold/highlight/mark all of a specific word or phrase in a document
No, this is not a function built into DEVONthink.
Also, you didn’t mention what file type you’re referring to. There is no singular note or document format in DEVONthink.
a way to automatically extract a set number of words before and after a specific mention, or perhaps an entire paragraph
No, there are no user-definable options for search hits.
And please clarify what you mean by extract and to where.