If @Dmytrio solution do not alter final PDF
Dymitrio's updated  code example to handle DecodedStreamObject and EncodedStreamObject which actually contain data stream with text to update could run fine, but with a file different from example, was not able to alter pdf text content.
According to EDIT 3, from How to replace text in a PDF using Python?:
By inserting page[NameObject("/Contents")] = contents.decodedSelf before writer.addPage(page), we force pyPDF2 to update content of the page object.
This way I was able to overcome this problem and  replace text from pdf file.
Final code should look like this:
import os
import argparse
from PyPDF2 import PdfFileReader, PdfFileWriter
from PyPDF2.generic import DecodedStreamObject, EncodedStreamObject, NameObject
def replace_text(content, replacements = dict()):
    lines = content.splitlines()
    result = ""
    in_text = False
    for line in lines:
        if line == "BT":
            in_text = True
        elif line == "ET":
            in_text = False
        elif in_text:
            cmd = line[-2:]
            if cmd.lower() == 'tj':
                replaced_line = line
                for k, v in replacements.items():
                    replaced_line = replaced_line.replace(k, v)
                result += replaced_line + "\n"
            else:
                result += line + "\n"
            continue
        result += line + "\n"
    return result
def process_data(object, replacements):
    data = object.getData()
    decoded_data = data.decode('utf-8')
    replaced_data = replace_text(decoded_data, replacements)
    encoded_data = replaced_data.encode('utf-8')
    if object.decodedSelf is not None:
        object.decodedSelf.setData(encoded_data)
    else:
        object.setData(encoded_data)
if __name__ == "__main__":
    ap = argparse.ArgumentParser()
    ap.add_argument("-i", "--input", required=True, help="path to PDF document")
    args = vars(ap.parse_args())
    in_file = args["input"]
    filename_base = in_file.replace(os.path.splitext(in_file)[1], "")
    # Provide replacements list that you need here
    replacements = { 'PDF': 'DOC'}
    pdf = PdfFileReader(in_file)
    writer = PdfFileWriter()
    for page_number in range(0, pdf.getNumPages()):
        page = pdf.getPage(page_number)
        contents = page.getContents()
        if isinstance(contents, DecodedStreamObject) or isinstance(contents, EncodedStreamObject):
            process_data(contents, replacements)
        elif len(contents) > 0:
            for obj in contents:
                if isinstance(obj, DecodedStreamObject) or isinstance(obj, EncodedStreamObject):
                    streamObj = obj.getObject()
                    process_data(streamObj, replacements)
        # Force content replacement
        page[NameObject("/Contents")] = contents.decodedSelf
        writer.addPage(page)
    with open(filename_base + ".result.pdf", 'wb') as out_file:
        writer.write(out_file)
Important: from PyPDF2.generic import NameObject