OK, dumb question, I guess, but here goes. In the old days it was possible to format a posted link so that the url was replaced by the text of ones choice, and it could be colored.
The box that dropped down looked like the attachment called "Insert Link".
The box now looks like the attachment called "Link". The bottom panel, "Link Text" is gone.
One of the annoyances with making a link now is if you goof up and have to edit it, it will then automatically link any correction even if you're replacing text, etc., which is why I just cut+paste any such post of mine into a plain text editor (like Notepad), then paste it back into the "Reply to this topic" box on the forum so I can fix it.
Improvements that make something dead simple more time consuming and difficult!