First render the email template using the internal id. Then get the subject and body details of the email. Then replace the word using the replace method().
// set email template
let readyMergemail = render.mergeEmail({
templateId: tempalte internal id;
});
let emailId=”test@example.com”;
let readyEmailSub = readyMergemail.subject;
readyEmailSub = readyEmailSub.replace(“{Hi}”,”Hello”);
let readyContent = readyMergemail.body;
if (emailDataObj.tempEmailID){
readyContent = readyContent.replace(“email”, ‘<a style=”color:blue;” href=”mailto:’ +emailId+ ‘”>’ + emailId + ‘</a>’)
}