And so I started the day with the same problem. After reading the many solutions, I decided to deactivate all of my plugins. This solved the problem, but did not tell me which one caused it. I activated each plugin one at a time and checked the add hyperlink feature each time. Time consuming, but isolated the problem to a plug in called 3c-events, which is an event calendar plug in. Left this one deactivated for now. All seems to be working ok.
Jim