Fusion Generate Hyperlink to a Project within an Update

Looking to see if anyone has ever used the Update Record module to post an update with a hyperlink to another object?

I thought by selecting URL it would output the link to that specific project but it doesn't seem to work that way. 

My guess is because you have to manually add hyperlinks within updates. 

Wish there was more of an ability to format the updated text as well. 

If anyone has any thoughts or ideas please share! 

Thank you and Happy Friday!