How to revert button text if error message is triggered on checkout page in WooCommerce

Solution:

Try this code. just replace $('.woocommerce-error') with jQuery('.woocommerce-error')

add_action( 'wp_footer', 'custom_checkout_jquery_script' );
    function custom_checkout_jquery_script() {
        if ( is_checkout() ) :
                ?>
            <script type="text/javascript">
                  jQuery( function($){
                      jQuery('.checkout').on('submit', function(event) {
                        jQuery('button#place_order').text('Please Wait');
                        event.preventDefault();
                      });
                  });
            
                 //To detect woocommerce error trigger JS event
                  jQuery( document.body ).on( 'checkout_error', function(){
                            var wooError = jQuery('.woocommerce-error');
                            jQuery('button#place_order').text('Place Order');
                    } );

        </script>
        <?php
        endif;
    }
    ?>