Is there a way I can do this without populating the text to another CC called "Conditional Content"? as I am not trying to populate data to a different destination such as a table cell. Once a user has selected the dropdown option, I want it to replace the option with the text.

e.g. in the "Display a Pre-defined Building Block" section of your tutorial (Content Control ADCAP (Advanced Capability) Dropdowns)
there is a drop down where if you select "Gettysburg Address" it replaces Gettysburg Address in the drop down with the entire paragraph building block of text in its place.

My document is a written report and depending on the nature of the report, there are different standardized opening statements that need to be stated.

For example, in the "Trigger Statements" drop down there is an entry titled "SAS", if the user selects "SAS", I'm looking for SAS to be replaced by the building block of text in the same way in which your Gettysburg example works