What if you tried some Rack Middleware? Questions here, here, and here seem to have answers that use this approach. With Rails 4.5, I found the body of the Rack::Response to be immutable, so this answer proved particularly useful. Here is the code I ended up with:
module AfterRender
  require 'rack'
  CONTENT_LENGTH = 'Content-Length'
  class SanitizeResponse
    def initialize(app)
      @app=app
    end
    def call(env)
      status, headers, response = @app.call(env)
      if response.present? and response.respond_to? :body
        new_response_body = sanitize_body(response.body)
        headers[CONTENT_LENGTH] = new_response_body.length.to_s if headers[CONTENT_LENGTH].present?
        new_response = Rack::Response.new([new_response_body], status, headers)
        return [status, headers, new_response]
      end
      return [status, headers, response]
    end
    def sanitizeBody(body)
      to_ret = body.dup
      to_ret.gsub!('string_to_be_replaced', 'replacement_string')
      to_ret
    end
  end
end
I check that response.body is defined to ensure no funkiness occurs while sending over files for my angular app (they use Sprockets::Asset instead of Rack::Response). I don't want to be sanitizing those files, anyway. We also only reset the headers['Content-Length'] if it was already defined, which is not likely the case if Transfer-Encoding is chunked. new_response could simply be an array (e.g. [new_response_body]), but I find it safer to send response out the same way it came in, as a Rack::Response. This documentation is helpful to understand how the return of call must be shaped (i.e. as an array).
To ensure this middleware is actually used, I placed it in a  new file, found at app/middleware/after_render.rb. In my config/application.rb, I added require_relative '../app/middleware/after_render.rb' at the top and config.middleware.use AfterRender::SanitizeResponse inside the Application class. It looks something like this:
require File.expand_path('../boot', __FILE__)
require_relative '../app/middleware/after_render.rb'
require 'rails/all'
module MyModule
  class Application < Rails::Application
    config.autoload_paths << "#{Rails.root}/app"
    config.middleware.use AfterRender::SanitizeResponse
  end
end
Hope this helps!