<div class="wysiwyg-editor" id="editor1"></div>

<input type="hidden" name="texto" />

<small><strong>ESCOLA...:</strong>
  <a href="#" title="CNPJ" class="button">$eCNPJ</a>
  - <a href="#" title="Rasão Social" class="button">$eRSocial</a>
  - <a href="#" title="Nome Fantasia" class="button"> $eNFantasia</a>
</small>

$(document).ready(function() {
  $('.button').click(function(event) {
    event.preventDefault();
    const editor = document.getElementById('editor1');
    const posicaoFinal = editor.selectionStart + this.innerText.length;

    editor.value =
      editor.value.slice(0, editor.selectionStart) +
      this.innerText +
      editor.value.slice(editor.selectionEnd);

    editor.setSelectionRange(posicaoFinal, posicaoFinal);
    editor.focus();
  });
});

editor.value =
      editor.value.slice(0, editor.selectionStart) +
      this.innerText +
      editor.value.slice(editor.selectionEnd);

editor.innerHTML =
      editor.innerHTML.slice(0, editor.selectionStart) +
      this.innerText +
      editor.innerHTML.slice(editor.selectionEnd);