A workaround is to load fontspec
and enter your text in Unicode.
\documentclass{article}
\usepackage[paperwidth=10cm]{geometry} % Solely to make the MWE fit on TeX.SX.
\usepackage{babel} % Needed for hyphenation.
\usepackage{fontspec}
\usepackage{microtype} % Allows font expansion.
\babelprovide[import, main]{serbian-cyrillic}
\setmainfont{CMU Serif}[Scale = 1.0,
Ligatures = {Common, TeX},
Script = Cyrillic,
Language = Serbian]
\begin{document}
Овим једначинама се са великом прецизношћу може описати кретање тела
\textbf{при нерелативистичким брзинама,} тј. при брзинама много мањим
од брзине светлости.
\end{document}

The above works with LuaLaTeX in TeX Live 2019. Unfortunately, TeX Live 2018 ships with a broken version of microtype
and you will need to apply a workaround to get this example to compile, or comment out the line %\usepackage{microtype}
and accept uglier hyphenation.
If you need to use PDFLaTeX for a Serbian document, you will want to load a legacy 8-bit encoding that supports it, either T2A or X2, along with a Type 1 font package that supports the encoding. Otherwise, you’ll get a blurry, mismatched bitmap font. This example selects the CM-super fonts (by loading the T1 encoding) and then Babel for localization and hyphenation:
\documentclass{article}
\usepackage[paperwidth=10cm]{geometry} % Solely to make the MWE fit on TeX.SX.
\usepackage[T1,T2A]{fontenc}
\usepackage{textcomp}
\usepackage[utf8]{inputenc} % The default since 2018
\usepackage{babel} % Needed for hyphenation.
\babelprovide[import, main]{serbian-cyrillic}
\begin{document}
Овим једначинама се са великом прецизношћу може описати кретање тела
\textbf{при нерелативистичким брзинама,} тј. при брзинама много мањим
од брзине светлости.
\end{document}

preciznosh\/c1u
works.\/
and\relax
? Also, why does it get rendered as 7?fontspec
and use Unicode throughout instead of OT2, unless you are required to use PDFLaTeX.\usepackage[utf8]{inputenc}
is now the default.