Even Postgres has TOAST feature, for the projects that performance is very import consideration (like large number of users), I still recommand maybe don't do that.
There should be some other systems sitting in front of database server. Like reverse proxy, application server (Rails in your cases). That will make large data transferring between those systems, create impact on overall system performance.
We could put those data on other systems, like cloud Object Storage/CDN services, and save links and first n chars of them in database.
In the front end, first show user first n chars and a link of click to view full info. If user click it, retrive content from other system.
Of cause, it will bring extra design/implementation complexity. But that is tradeoff we should think about.