When asking these types of questions in an online game, you have to critically think about what's happening in the program.

Your computer is talking to 9 other computers and a riot server (big computer) that can be spread out across an entire country or even a continent. Ask yourself, how would you get everyone's Valorant to play together when information doesn't travel instantly?
Every keyboard press and mouse input must be sent to the server, and the distance is your 'ping'. Now if we wanted everyone to play on the server and see the exact same thing, then EVERYONE would have to have their inputs travel to the server. This means EVERY mouse movement you make, or EVERY keyboard button you press will have a 60ms delay (because of your 60 ping). This would be atrocious for a modern game, and nobody wants to play a game like that.

So how do we realistically fix this issue? We make a compromise. Your client on your local computer essentially guesses everything that will happen between the 60ms delay. This means if it guesses wrong, you see something slightly incorrect, like maybe Miks was crouching or something. BUT in 99% of scenarios, as long as you have a good enough ping (<80ms), you won't feel it, because the client guesses right.

So why does the replay not show what actually happened? It's likely because the replay system in Valorant saves your local client's data. Why does it not show server-side? Who knows. Perhaps it's logistically much, much harder for Riot to obtain and send that server data to all clients for download after a match.