There does not seem to be a global isolation option, thus you are left with four options:
- Monkeypatch existing 
transaction implementation, so that it picks
your desired isolation level. (Monkeypatching is not desirable) 
Use correct isolation level throughout your application. 
SomeModel.transaction(isolation: :read_committed)
 
Extend ActiveRecord and create your own custom transaction method.
 
As commented - you may be able to edit the default isolation level in DB configuration. For postgres it's this one
 
Example code:
#lib/activerecord_extension.rb
module ActiveRecordExtension
  extend ActiveSupport::Concern
  module ClassMethods
    def custom_transaction
      transaction(isolation: :read_committed) do
        yield
      end
    end
  end
end
ActiveRecord::Base.send(:include, ActiveRecordExtension)
Then in your initializers:
#config/initializers/activerecord_extension.rb
require "active_record_extension"
Afterwards you can use:
MyModel.custom_transaction do
  <...>
end
And in the future, this will allow you to change the isolation level in one place.