The contents of a cell and the hyperlink associated with the cell are independent variables.
If you copy/paste a cell that has a hyperlink then you get both the value and the hyperlink in the paste location. If you subsequently change the cell value to a formula "=SheetName!A1" then the value will update but the hyperlink address won't change unless you manually make those updates for each location.

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Andrew Lockton
Chrysalis Design, Melbourne Australia