Postgres format string using array

I'm looking for an easy way to format a string using an array, like so:

select format_using_array('Hello %s and %s', ARRAY['Jane', 'Joe']);

 format_using_array
--------------------
Hello Jane and Joe
(1 row)

There's a format function but it needs explicit arguments and I don't know how many items are there in the array. I came up with a function like that:

CREATE FUNCTION format_using_array(fmt text, arr anyarray) RETURNS text
    LANGUAGE plpgsql
AS $$
    declare 
        t text;
        length integer;
    begin
        length := array_length(arr, 1);
        t := fmt;
        for i in 1..length loop
           t := regexp_replace(t, '%s', arr[i]);
        end loop;

        return t;
    end
$$;

But maybe there's an easier way that I don't know of, it's my first day using pgsql.