Substituting multiple Strings in String

I know there are a lot of questions and answers related to similar questions but I couldn't find an answer to my question. This a small snippet of my code:

    private String substitute(String text) {
      List<Macro> macros = getMacros();

      for (Macro macro : macros) {
        text = StringUtils.replace(text, macro.getKey(), macro.getValue());
      }
      return text;
    }  

1. Would this be a good way to substitute multiple macros variables in a text String? This creates a new String object on every loop so I am wondering if there's a better way to do this. Ideally I would have used Apache Commons StrSubstitutor class but I can't because of the format of the tokens/macros (different formats and not between a fixed prefix/suffix). I also don't want to use Regex because of performance issues.


2. 
   

   According to some coding rules at work I need to mark the argument as final. I wonder if that's indeed good practice here. I know that Strings are immutable and I know that whenever I call StringUtils.replace() it will return me a new String object. But I am wondering if the String argument here should be marked as final as suggested and in the method do something like this:

   
   

   
   String result = text;
   for (Macro macro : macros) {
     result = StringUtils.replace(result, macro.getKey(), macro.getValue());
   }
   
   

   
   

   I just don't like this.

   
   

Any help would be appreciated. Thanks.