Hello @Chris_Hofer and ericwerth ,
I wonder if you have heard anything about this issue returning (perhaps following a recent release)?
Below is what I am seeing...
Before a semester begins, I add a lot of links to my files, quizzes, other pages, etc. Then, once I finish a module, I add a link to my relevant lecture slides for the module, using text that already exists on the page.
For example, links in my first module look like this.

Below these (on that same page) will be what is essentially 'place holder' text for the lecture slides link:
Once I go over the slides in class, I delete the 'posted after...' text, and link my slides to the 'place holder' text:

Notice that above, the (now) linked text is underlined, and the font has changed to light blue. Up until now, this has been the case. BUT today... though the text for links that were included early in the semester remain underlined with light blue font:

when I try to add a link to my files using the 'place holder' text, I only get a line below (with NO font color change).

Even though the link is active, students will tend to look at this and assume the slides are not yet posted
.
Have you heard anything about this more recently than what is seen here in this thread from Jan 2019? Thank you!
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