add a class to jquery find and replace closed text

$(".element small").text(function(index, text) {
  return text.replace('Draft', 'Draft Demonatisation ');
}).toggleClass(function(){
  var $class = "";
  $class += ($(this).text().indexOf('Draft') > -1 ? " textbot":"")
  $class += ($(this).text().indexOf('Demonatisation') > -1 ? " textbite":"")
  return $class;
});

<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.3.1/jquery.min.js"></script>

<div class="element">
<small>Draft</small>
</div>