A current project of mine has caused me to look more closely at the use of links and hyperlinks in “modern” SharePoint Online libraries. Every “modern” SharePoint Online library gets the option to create a new Link in addition to any other content types. They are InternetShortcut files with a .url extension. Only the filename is easily editable once created because the target url is within the file, and no editor is provided. However, it does provide a method to create a repository of approved urls. The alternative approach is to create a column of Hyperlink type, which can be edited easily. This article looks at the implications of each when used in SharePoint Online and used within an external data recordset in Visio, with the intention of providing shapes with hyperlinks.
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The video above shows how a Link is created in SharePoint Online, whilst the video below shows how a Hyperlink can be created (and edited).