Dynamic text expansion

Is there any way to make certain character combinations be rendered differently? I am basically looking for dynamic text expansion.

Example use case: The spaced repetition plugin uses :: as the separator for inline flashcards. I would like to keep this but for it to be rendered as ➔.

I know that an alternative approach would be to use a text expansion tool like ahk or espanso but this will permanently change the characters and will create extra work if I would like :: to be rendered as something else in the future.