How to Replace the Placeholder Image for Products in WooCommerce

/**
 * @param $value
 * @param $option
 *
 * @return mixed|string
 */
function wc_change_default_image($value, $option): string
{
    if ('woocommerce_placeholder_image' !== $option) {
        return $value;
    }

    // Add the path to the image, e.g.: 
    $src = '/wp-content/uploads/2023/02/example.jpg';

    // If the image does not exist return the default value
    if (!file_exists(get_home_path() . $src)) {
        return $value;
    }

    // return the image 
    return $src;
}

/*
 * Filter: apply_filters( "option_{$option}", mixed $value, string $option )
 */
add_filter('option_woocommerce_placeholder_image', 'wc_change_default_image', 10, 2);