#RAW: No, you can only replace spells of 1st level or higher

For the bard, the sentence you quote is under the section "Spells Known of 1st Level and Higher". 

Interpreting the phrase with that context, it would seem that is was not intended to be applied to cantrips. There is a cantrip section immediately above that one which does not have any such wording.

#RAI: No

This also seems to follow designer guidance/intent as [Jeremy Crawford][1] says:

> Q: Is it possible at all to replace a known Cantrip with a different
> one? Or is that a permanent choice?
> 
> A: Learning a cantrip is typically permanent. A DM could come up with
> a story-based way to replace one w/ another.


  [1]: https://twitter.com/JeremyECrawford/status/659845946537345024