No need to use VBA anymore for this! Super simple formula now!

=REDUCE(A1,2:6,LAMBDA(a,b,SUBSTITUTE(a,b,OFFSET(b,0,1))))

Where A1 is the target cell to replace text b2:b6 is where the keywords are stored (texts to be replaced) c2:c6 (referenced by the offset) is where the replacing texts are stored

Credit: Chandoo

There is no way with SUBSTITUTE outside of nesting to do what is wanted. In the future LAMBDA will be an option.

For now and for backwards compatibility, here is a UDF that creates a function that takes many inputs and replaces them with the desired output.

It uses a param array so one can also create individual replacements:

Function SUBALL(str As String, ParamArray arr() As Variant) As String
    Dim i As Long
    For i = LBound(arr) To UBound(arr) Step 2
        Dim rngarr As Variant
        rngarr = arr(i)
        
        If UBound(arr) > i Then
            Dim rpArr As Variant
            rpArr = arr(i + 1)
        Else
            Dim df As Boolean
            df = True
        End If
        
        If TypeName(rngarr) = "String" Then
            If df Then
                str = Replace(str, rngarr, "")
            Else
                str = Replace(str, rngarr, rpArr)
            End If
        Else
            Dim j As Long
            For j = LBound(rngarr, 1) To UBound(rngarr, 1)
                If df Then
                    str = Replace(str, rngarr(j, 1), "")
                Else
                    str = Replace(str, rngarr(j, 1), rpArr(j, 1))
                End If
            Next j
        End If
    Next i
    
    SUBALL = str
End Function

It defaults to a replace of ""

So in this instance:

=SUBALL(A1,H1:H3)

But we can also do where we specify the output:

=SUBALL(A1,H1:H3,I1:I3)

Or we can put the options as strings in the formula itself with their desired replacements:

=SUBALL(A1,"Target","MyVal","Walmart","","CVS","Long Receipt Place")

As with all UDF, there are some rules that must be followed. The pairs must have the same number of arguments. You CANNOT do:

=SUBALL(A1,H1:H3,"Word")

It will fail. But:

=SUBALL(A1,H1:H3,{"Word";"Word";"Word"})

Will work.

With SCAN and LAMBDA:

=LET(rpl,H1:H3,str,A1,INDEX(SCAN(str,rpl,LAMBDA(a,b,SUBSTITUTE(a,b,""))),COUNTA(rpl)))

If we want to replace words with other words we can use:

=LET(orig,H1:H3,rpl,I1:I3,str,A1,cnt,COUNTA(rpl),INDEX(SCAN(str,SEQUENCE(cnt),LAMBDA(a,b,SUBSTITUTE(a,INDEX(orig,b),INDEX(rpl,b)))),COUNTA(rpl)))

Function Multi_Replace(Original As String, Search_Text As String, Replace_With As String) As String

'intEnd represents the last character being replaced
Dim intEnd As Long: intEnd = WorksheetFunction.Min(Len(Search_Text), Len(Replace_With))
'necessary if Search text and replace text are different lengths;

Dim intChar As Long 'to track which character we're replacing

'Replace each character individually
For intChar = 1 To intEnd
    Original = Replace(Original, Mid(Search_Text, intChar, 1), Mid(Replace_With, intChar, 1))
Next

Multi_Replace = Original

End Function

A tiny trick for a single cell solution. If A1 does not contain any spaces, in A2 enter:

=SUBSTITUTE(TRIM(SUBSTITUTE(A1,"-"," "))," ","-")

This can handle any number of consecutive dashes:

If A1 does contain some spaces, a slightly more complex formula will be required!

EDIT#1:

If A1 contains spaces, they must first be "protected" with something like:

=SUBSTITUTE(A1," ",CHAR(1))

and then, in the outer-most substitution, the "protection" must be removed. The final formula is:

=SUBSTITUTE(SUBSTITUTE(TRIM(SUBSTITUTE(SUBSTITUTE(A1," ",CHAR(1)),"-"," "))," ","-"),CHAR(1)," ")

I will admit that this is pretty ugly, but it can handle an unlimited number of dashes.