The ‘smart link’ tech of the underlying Apple frameworks is transforming the link into an RTF link, but not a Tinderbox link. Initially the former were adopted as the latter—or I believe that was the plan—but tech issues cropped up and for the interim it has proved safer to not adopt RTF-only links as Tinderbox links†. I think an unintentional aspect of that is it isn’t immediately obvious looking at $Text as to which web links are/are not native web-links.
Part of your confusion here in in other threads seems to stem from approaching Tinderbox as if it is a Web/HTML editor (I’m not judging). Far from it, it is a hypertextual note tool that can—amongst many other non-web things-generate hypertext.
Preview is confusing some users. It isn’t intended as a ‘viewing’ space. Its genesis was for checking HTML render before exporting lots of pages (aTbRef’s TBX emits c.2k files on full export). From there some have used it as a viewer. But, one can’t judge a feature from mis-use. If you need a different functionality, I’d mail in your use case. The use case part is important so the developer knows (rather than has to guess) your assumptions.
I’d agree the RTF-vs-Tinderbox link issue is annoying but I don’t find it confusing. It works fine in docs I don’t export and in those I do I disable the Smart Links for the note before pasting.
†. Lest that seem a trivial point, Tinderbox stored links outside the source text as was done until the limitations of the early Web bent perceptions of hypertextual normality.