Is there a way to add link text to a link in Apple Notes for iPhone?

michealie ~ It's called a text hyperlink and, yes, there is a way. I created & use a simple custom shortcut in Apple's Shortcuts app – here's the iCloud link to get it:

Create Hyperlink to Paste

...Tap that link, then tap the blue Get Shortcut button at the bottom – the shortcut will be added to your shortcuts collection.

HOW TO USE THAT SHORTCUT...

• Open Safari to the website you want to create the hyperlink from, e.g. Apple's website.
• Tap the Share icon at the bottom.
• Below the icons which appear, you should see Create Hyperlink to Paste – tap it.

• This panel will then appear:

• The text defaults to the website's Title field, but you can optionally change that text.
• Tap Done.
• When the Notes app opens (automatically), tap and hold where you want to paste the hyperlink.
• Tap Paste.

Shortcuts User Guide for iPhone and iPad

Shortcuts User Guide for Mac (macOS Monterey)

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A question: have you try to Copy that link and Paste in Notes?