Multiple replacements in a Column using Power Query

Record.FieldOrDefault (official documentation here) is a seldom-used function in Power Query. But here is one handy use of this formula i.e. to make multiple full word replacements in a column in a single step

We have this Data

ColumnName
Power BI
DAX
Power Query
Tennis
Apples
Bananas
SVGs

We want to replace few rows only i.e
1) Replace “Power BI” with “BI tool”
2) Replace “Tennis” with “Sport”
3) Replace “DAX” with “Language”

We can add a new custom column as

=Record.FieldOrDefault(
[
Power BI="BI tool", 
Tennis="Sport",
DAX="Language"
],

[ColumnName],[ColumnName])

i.e. Just store the “Word to Replace” and “their replacements” in a record

LIMITATIONS:
You can only make full word/cell replacement with this technique. If you want to replace multiple words inside a sentence, a different technique needs to be used