JSFiddle - React, Tailwind, and code Playground

JavaScript

var source = 'The -quick- *brown -f-ox* jumps.';

var msg = source.replace(/(-[^-]+-|\*[^*]+\*)/g, function(_, grp) {
  return grp[0] === '-' ? grp.replace(/^-(.*)-$/, "~$1~") : grp;
});

console.log(msg);