Thanks =).
I ended up getting the same result like this:
- platform: mqtt
state_topic: "mymqtt/sensornode1"
name: "SN1 Temperature"
unit_of_measurement: "°F"
value_template: >-
{%- if value_json.temperature|float >= 40 and value_json.temperature|float <= 120 -%}
{{ value_json.temperature | round(1) }}
{%- else -%}
nan
{%- endif -%}