You need to test all the neighbor permutations from 1 (each individual word) to len(text) (the entire string). You can generate the neighbor permutations this way:
text = 'I have a smartphone and a Smart TV'
array = text.lower().split()
key_permutations = [" ".join(array[j:j + i]) for i in range(1, len(array) + 1) for j in range(0, len(array) - (i - 1))]
>>> key_permutations
['i', 'have', 'a', 'smartphone', 'and', 'a', 'smart', 'tv', 'i have', 'have a', 'a smartphone', 'smartphone and', 'and a', 'a smart', 'smart tv', 'i have a', 'have a smartphone', 'a smartphone and', 'smartphone and a', 'and a smart', 'a smart tv', 'i have a smartphone', 'have a smartphone and', 'a smartphone and a', 'smartphone and a smart', 'and a smart tv', 'i have a smartphone and', 'have a smartphone and a', 'a smartphone and a smart', 'smartphone and a smart tv', 'i have a smartphone and a', 'have a smartphone and a smart', 'a smartphone and a smart tv', 'i have a smartphone and a smart', 'have a smartphone and a smart tv', 'i have a smartphone and a smart tv']
Now we substitute through the dictionary:
import re
for permutation in key_permutations:
if permutation in dict:
text = re.sub(re.escape(permutation), dict[permutation], text, flags=re.IGNORECASE)
>>> text
'I have a toy and a junk'
Though you'll likely want to try the permutations in the reverse order, longest first, so more specific phrases have precedence over individual words.