In order for everything to work exactly the same, there essentially would have to be water, since physics would have to figure out what water could do. That being said, it could just be similar. If it models how XeYZn should behave approximately, subtracts that from how XeYZn actually behaves, and adds how H2O should behave approximately, and has some force to hold the XeYZn together, you'd have to model XeYZn to predict the future.
Come to think of it, it would probably be more accurate to say that water is made of physics at this point, since it's really more about how physics are acting crazy at that point than it is about the arrangement of protons, neutrons, and electrons. In any case, it's not H2O.
You didn't answer the question. Does XYZ behave like water in every way, or not? If it does, what's the difference? If it doesn't, you can no longer say it replaces water.
Thagard (2012) contains a nicely compact passage on thought experiments: