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db<>fiddle
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declare @s varchar(200) = '___! My name is ___. I am ___ to see you!'
declare @t table
(
rowid int,
thetext varchar(20)
);

insert into @t(rowid, thetext)
values (1, 'Hello'), (2, 'PrinceTyke'), (3, 'happy');


select @s = stuff(@s, charindex('___', @s), len('___') , thetext)
from @t
order by rowid;

select @s;
(No column name)
Hello! My name is PrinceTyke. I am happy to see you!