This code is not super reusable because of the hard coding of the path to be removed. It is probably possible to make this adapt dynamically by looking at the folder path where the Word document is saved and finding the overlap with the file path to the hyperlinks but that will take a fair bit of extra coding.
This is how you could make it back into a single macro with a hard coded path
Code:
Sub MakeMyLink()
Dim aRng As Range, sFound() As String, sLink As String, sText As String
'configure path to remove the path overlaps and make hyperlinks 'relative' to the location of the Word doc
Const sCommon As String = "C:\Users\iaman\Desktop\eCTD_Office_Software\IND_Source_Folders\YFV_IND"
Set aRng = ActiveDocument.Range
With aRng.Find
.Text = "\<\<(*)\>\>\<\<(*)\>\>"
.MatchWildcards = True
.Replacement.Text = "\1|\2"
Do While .Execute
sFound = Split(aRng.Text, ">><<")
sText = Replace(sFound(1), ">>", "")
sLink = Replace(sFound(0), "<<", "")
sLink = Replace(sLink, sCommon, "..")
sLink = Replace(sLink, "", "/")
ActiveDocument.Hyperlinks.Add Anchor:=aRng, Address:=sLink, TextToDisplay:=sText
aRng.Collapse Direction:=wdCollapseEnd
Loop
End With
End Sub