Microsoft is making it easier and faster to insert links (hyperlinks) in Word on the Web and on the MacOS and Windows desktop apps.
Instead of using the insert drop down menu or CTRL+K (CMD+K on Mac), you can simply paste a link over the highlighted text and the highlighted text will format into a link. The feature is made to make inserting links in Word "feel effortless".
Gif - Microsoft
We believe that tasks you do every day in Word, like hyperlink text, should feel effortless – which is why we’ve made the whole process a lot quicker. Now, you can simply highlight a word or phrase and paste the link directly onto it, and this will automatically add a hyperlink. Whether you’re sharing resources with your team or citing articles in a report, this feature helps you stay in the flow by reducing clicks and letting you focus on your words instead of formatting.