Not, that's not possible (well, if it is, it's not documented).
You have to loop through the selected elements, mainly because the selection may take part of paragraphs, forcing you to manage that. i.e. deleting just the selected part. And for completed selected elements, you can just remove them entirely (like images).
Here's an implementation on how to do this (part of the Kaylan's Translate script modified by me to properly replace images and partially selected paragraphs.
function replaceSelection(newText) {
var selection = DocumentApp.getActiveDocument().getSelection();
if (selection) {
var elements = selection.getRangeElements();
var replace = true;
for (var i = 0; i < elements.length; i++) {
if (elements[i].isPartial()) {
var element = elements[i].getElement().asText();
var startIndex = elements[i].getStartOffset();
var endIndex = elements[i].getEndOffsetInclusive();
var text = element.getText().substring(startIndex, endIndex + 1);
element.deleteText(startIndex, endIndex);
if( replace ) {
element.insertText(startIndex, newText);
replace = false;
}
} else {
var element = elements[i].getElement();
if( replace && element.editAsText ) {
element.clear().asText().setText(newText);
replace = false;
} else {
if( replace && i === elements.length -1 ) {
var parent = element.getParent();
parent[parent.insertText ? 'insertText' : 'insertParagraph'](parent.getChildIndex(element), newText);
replace = false; //not really necessary since it's the last one
}
element.removeFromParent();
}
}
}
} else
throw "Hey, select something so I can replace!";
}