Positioning the cursor and then clicking the chain icon and filling out the information is not working.
BUT ... I have a work-around for people who want a clickable link that is not simply the URL.
If you are using a title (a very good practice) rather than just the URL as described above ... type the words you want as the clickable link title, select and copy them ... THEN click the chain icon ... this anchors the link.
Paste into the title section ... and now copy and paste the URL into the URL section.
Also good practice to use the Open New Window option.