Wrap text in span, then get text from CMS

Currently it isn’t possible to highlight some text, click the wrap with span button, and then get that text from the CMS. Is this something that is not allowed on purpose?

Use case:
Would you like to receive notifications from {Company}?

The desired action is to wrap Company with a span and get it from the CMS. Currently I would have to have two separate text fields beside each other or place my text inside of an HTML embed.