Following up on #711, I notice that RenameVariables works on keyword also applies to arguments (which is what I was looking for), but does not update the instances where these arguments are used with their name. Which is unfortunate since:

The named argument syntax is both case and space sensitive. The former means that if you have an argument arg, you must use it like arg=value, and neither Arg=value nor ARG=value works. The latter means that spaces are not allowed before the = sign, and possible spaces after it are considered part of the given value.

(source)

However, I am not sure robotidy can handle this as it requires applying the change across multiple files.
Maybe raising a warning on this subject could be enough? Or a default configuration to not apply to keyword arguments.

BEFORE

AFTER

CODE TO REPRODUCE

My Keyword
    [Arguments]    ${expected error}
    TRY
        No Operation
    EXCEPT    ${expected error}
        No Operation
    END

Another Keyword
    My Keyword    expected error=my error pattern

Side Note: When I use RobotCode "rename symbol" feature, it nicely updates the named arguments all over the project.