The "less clear to understand" probably relates to the Find expression, which is a wildcard Find for words consisting of the single character I or V. For more details, see: Finding and replacing characters using wildcards (wordmvp.com)
(emphasis added)
Accordingly. you need to use a Find expression that finds all the combinations you're interested in. You can do that by changing:
.Text = "<[IV]>"
to:
.Text = "<[IV\-]{1,}>"