Help: Inserting widgets inside text!

Is it possible to insert a widget within a text block? For example, I am “Character name”. How do you Insert a widget to change the character name? It is preferable to insert a widget over search and replace way if i can.

I am looking for using Incline decorator to add a widget in Rich text blocks. Can anyone tell me the steps for this?

I’m looking for the way to add widgets in line of a rich text block not to drag and drop a widget. I only managed to find this bit of information and it doesn’t fully explain the process.