Yes. I use Photo Mechanic myself and while I don't use Code Replacements to caption a photo, what you're trying to do is easily handled by Keyboard Maestro.
From your example, it appears you manually enter the headline but would like to copy "Allan Ferrie" (in this case) so you can insert that name in other Code Replacements (and likely other images).
Take a look at Brevis -- Automating Text Expansions, a Keyboard Maestro macro itself, which will let you create a macro from a text selection that you can insert with a short trigger (;fer for "Allen Ferrie," say). That would be my approach for a large number of these substitutions.