I'm going to suggest a slightly different approach to this. Instead of maintaining the sentence as you currently have it, instead maintain something like this:
This is the {$1} test, please complete {$2}.
When you want to render this sentence, use a regex replacement to replace the placeholders with underscores:
var sentence = "This is the {$1} test, please complete {$2}.";
var show = sentence.replace(/\{\$\d+\}/g, "____");
console.log(show);
When you want to replace a given placeholder, you may also use a targeted regex replacement. For example, to target the first placeholder you could use:
var sentence = "This is the {$1} test, please complete {$2}.";
var show = sentence.replace(/\{\$1\}/g, "first");
console.log(show);
This is a fairly robust and scalable solution, and is more accurate than just doing a single blanket replacement of all underscores.