text - 0.1655456615 - 0.158645 - 0.846554 - 0.85251 ##

perl -pe 's/[-+]?d*(?:.?d|d.)d*(?:[eE][-+]?d+)?/sprintf("%.2g",$&)/ge'

awk '{
    while (match($0, /[0-9]+.[0-9]+/)) {
        printf "%s%.2f", substr($0, 1, RSTART-1), substr($0, RSTART, RLENGTH)
        $0 = substr($0, RSTART+RLENGTH)
    }
    print
}'