You can use useEffect to watch the variable for changes, assign it to a state with useState, then use the state in your render.
import React, {
useEffect,
useState
} from 'react';
const [dashboardVariableICareAbout, setDashboardVariableICareAbout] = useState("");
useEffect(() => {
setDashboardVariableICareAbout(replaceVariables('$dashboardVariableICareAbout'));
},[replaceVariables('$dashboardVariableICareAbout')]);
return (
<div>
{dashboardVariableICareAbout}
</div>
);