A hyperlink has two parts: the text that is displayed and the path that is linked. These two items are independent of each other.

If you choose to edit the hyperlink, you can change the displayed text to whatever you want it to be without changing the path (which needs to remain and be visible when hovering over the hyperlink). It would be a security risk if you couldn't see the hyperlink path when hovering over the link so if it was possible to hide the path on hover (and I don't think it is) it would be a very bad idea to do so.

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Andrew Lockton
Chrysalis Design, Melbourne Australia