I'm going to offer a bit of a rebuttal to the previous post here, and also try to answer this question all at once.

The idea that the Israelites "replaced" the Canaanites seems a misnomer at best. There is rather continuous habitation in the area, and from what it seems the Israelites were Canaanites in any meaningful way. Instead, Finkelstein's argument that they emerged from Canaanite tradition as a developing "subculture" is probably correct. The Israelites did not supplant the Canaanites, but instead there was a cultural shift in the indigenous populations and there also seems to have been some migration going on, such as the Philistines (Peleset), who were Sea Peoples and ended up founding a few cities on the Levantine Coast.

There is also virtually no evidence of any mass destruction or rebellion. The Conquest of Joshua, as recounted in the Book of Joshua, would chronologically have had to occur in the 12th or 11th century BCE, during which time we have no evidence of the mass destruction of the cities that the Book of Joshua claims were devastated and destroyed, Jericho being a prime example of this.

There are a few cases where destruction may line up, like Hazor, but in the case of Hazor we actually have a complicated scenario that actually looks like it may have been an internal rebellion. During this same period, the Sea Peoples wreaked havoc and destroyed numerous cities as well, so the mere reality of the destruction of a city, even one from Biblical tradition, is not actually evidence whatsoever of the Conquest being historical.

In short, we have no evidence for any large scale campaign as described in the Book of Joshua, and the mass genocide against the Canaanites probably never happened at all. It is a product of Biblical mythmaking. There are some fringe theorists trying to argue the Exodus may have actually happened (like David Falk), but they represent a minority that has not found acceptance outside of very conservative Christian circles in academia. Most Old Testament scholars have fallen into a form of Biblical minimalism, though not as far as the Copenhagen Minimalist school of thought.

What actually emerges is a long and complicated history of Israel emerging from Canaanite practices. We find that El was likely the high god of Israel at one point, and that Yahweh was conceptualized as one of his sons. Eventually they were then merged together. Yahweh also managed to attain many attributes of the god Baal as well, such as the slaying of Leviathan (Baal slew Lotan in Canaanite tradition). The Israelites clearly still worshiped the Canaanite gods without much interruption through much of ancient history, and this is attested quite often in their naming practices, making use of numerous theonyms for Canaanite and Egyptian deities. Additionally, epigraphic evidence shows the worship of these gods for a bit as well. Thus, we instead get this picture of their religious and social identity emerging out of Canaanite practice and belief. Where the god Yahweh came from, or what his original attributes were is a whole different issue, but he is not found in any Canaanite pantheons, or the pantheons of their neighbors (I think, with Smith, that he may have begun as an Athtar type deity).

The conquest of Canaan, the genocide, and the Exodus from Egypt lack any substantial or convincing evidence to suggest they ever happened.

Sources:

Israel Finkelstein, The Bible Unearthed: Archaeology's New Vision of Ancient Israel and the Origin of Its Sacred Texts (Free Press, 2001)

William Dever, Who Were the Early Israelites and Where Did They Come From? (Eerdmans, 2006)

William Dever, Beyond the Texts: An Archaeological Portrait of Ancient Israel and Judah (SBL Press, 2017)

Eric Cline, 1177 B.C.: The Year Civilization Collapsed: Revised and Updated (Princeton University Press, 2021)

Mark S. Smith, God in Translation (Eerdmans, 2010)

Jürgen van Oorschot and Markus Witte (eds.), The Origins of Yahwism (De Gruyter, 2019)

Mark S. Smith, “The God Athtar in the Ancient Near East and His Place in KTU 1.6 I,” in Solving Riddles and Untying Knots: Biblical, Epigraphic, and Semitic Studies Presented to Jonas C. Greenfield (edited by Z. Zevit, S.Gitin and M. Sokoloff; Winona Lake, IN: Eisenbrauns, 1995), 627-40