Not hyperlink!! This has absolutely nothing to do with hyperlinks.
Paste Special > Paste Link. Did you try it?
Probably HTML format would be fine, but there are multiple format options.

This is how we display content in one file that actually resides in another file, so that when the source file changes, the other file will update. Sometimes you might need to right-click on the content and choose Update, or you can select the document and press the F9 key to make sure all sources are updated.

Again, this has absolutely nothing to do with hyperlinks. I don't have another idea since this is how it is done. There are other series of steps to paste link, but it's still paste link. I don't know what function you are talking about. A function is a small program that either performs an action or returns a value.