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Yes, we can replace.

Advantages:
1. More memory is available on SRAM when compared to cache.
2. Low cost of SRAM.
3. Probability of Istruction-HIT on SRAM is much higher than on Cache.
Disadvantages:
1. Latency in fetching instructions from SRAM is very high when compared to Cache.
2. Even if Large memory is present in SRAM the latency will turn out to be a bottle neck for the processor to execute instruction.


Thus using a Cache over SRAM and fetching instructions as a bulk from SRAM is more advatageous than directly accessing instructions from SRAM.

A memory cache, sometimes called a cache store or RAM cache, is a portion of memory made of high-speed static RAM (SRAM) instead of the slower and cheaper dynamic RAM (DRAM) used for main memory. Memory caching is effective because most programs access the same data or instructions over and over. By keeping as much of this information as possible in SRAM, the computer avoids accessing the slower DRAM.
so it is more beneficial to use SRAM

Cache is made up of SRAM

Cache is transparent memory where any address cane be placed compare to RAM which is memory mapped. Hence you would get data fast only on the address which is Memory mapped and access to other address would become coslty. Good to open the mapping of memory as cache or RAM to the programmer using cache register programming