Can 'one' replace an antecedent?

Appealing to usage, this Ngram appears to show that both ways are used roughly equally often. Furthermore, British and American usage doesn't seem to differ much:

But looking at the actual usages, in maybe half of them 'his' refers to somebody other than 'one'. So, while both ways are clearly used, the repeated usage of 'one' seems to be slightly preferred.

What Wikipedia is supporting is the substitution of "his" for "one's", which is not the same as your assertion; in fact, it rather counts against it by saying the repeated use of "one" is correct.

I don't like Wikipedia's opinion here, but in the opposite way to you. While the repeated "one" is unusual except in very high class British society, I find the inconsistency of "one" followed by "his" to refer to the same thing much more irritating. I would rather sound posh than confused :-)

In British English, if you use "his" to refer back to "one", you are liable to be misunderstood: "one's" is normal.

I believe that things are different in the US.