Your expression seems to work just fine. If I create a template with
the jinja2 expression from your question:
>>> import jinja2
>>> t = jinja2.Template('{{ test1 | replace("value1","my_value1") | replace("value2","my_value2") }}')
And then render it, passing in a value for test1 that contains both
of the target replacement strings:
>>> output = t.render(test1="this has both value1 and value2")
I get a string that has both values replaced:
>>> print (output)
this has both my_value1 and my_value2
>>>