JSFiddle - React, Tailwind, and code Playground

JavaScript

var str = "foo  \"b a \\\" r\" new y 'l o l' foo lol; var x = new 'fo \\' o' ";

var result = str.replace(/(function|new|return|var)?\s+(?=(?:[^\\"']|\\.)*(?:(?:"(?:[^\\"]|\\.)*"|'(?:[^\\']|\\.)*'))*(?:[^\\"']|\\.)*$)/gm, 
function($0, $1) { return $1 ? $0 : ''; });

alert(str + "\n" + result);