Change a paragraph link field title at runtime
This worked for me

function MYTHEME_preprocess_field(&amp;$variables, $hook){
  $element = $variables['element'];

  /* Translation modifier:
   * The call to action paragraph is used on almost all pages and translations
   * doesn't work with paragraphs at all. So we need to detect if we are in a US
   * translation and change out the spelling of certain words.
   */
  if(is_us_translation()){
    if (isset($element['#field_name'])) {
      if ($element['#field_name'] == 'field_link') {
        $str_to_check = strtolower(trim($variables['items'][0]['content']['#title']));

        if(strpos($str_to_check, 'enquire') !== false){
          $variables['items'][0]['content']['#title'] = 'Inquire';
        }
      }
    }
  }
}