This option provides a quick way to load a different file into DesignModeler. It is equivalent to closing DesignModeler (but without the saving that would happen here), clicking the right mouse button on the Geometry cell and choosing Replace Geometry, selecting a DesignModeler file, and then choosing "Edit." You should either select Save Project, or Export your current file if you do not want to lose changes to the current model before using this option (you are asked if you want to discard the current model). Then, once you choose a new file (must end in the .agdb extension), then the current file is closed and the new one is loaded. This is done without closing and reopening the DesignModeler session, so it is much quicker.
Other file management options: