I want my external links to open in a new tab

You probably want to include the rel="noopener" or rel="noopener noreferrer" attribute to prevent attacks.

That’s an improved snippet, please test it by yourself because I’m not a dev and just a random guy wearing sunglasses:

<script>
document.addEventListener("DOMContentLoaded", function() {
  const links = document.querySelectorAll("a");
  links.forEach(function(link) {
    if (link.host !== window.location.host) {
      link.setAttribute("target", "_blank");
      link.setAttribute("rel", "noopener noreferrer");
    }
  });
});
</script>

It should be more secure, efficent and reliable than using jQuery, preventing third party surface/attacks.