Lagrange Multipliers vs Plugin method

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With an equality constraint it is possible to express one of the variables of the constraint into the objective function and simplify the problem. However, I have found a few examples where this plugin method does not show all the critical point the standard Lagrangian would.

Does anybody know why this happens from a general point of view?

The example I started with is $x^2 - y^2$ s.t $x^2+y^2=1$