No, you select text and drag from the text pane link widget. The latter has been a standard for 20 years of the app’s life and in its current widget UI since v6.
The above is the same as a ‘zip link’. The latter term relates only to how you make a link; in the case of the ziplinks link-creation method you make a text link (as above) albeit without the ability to set a link type at time of creation.
Confusion about ziplinks arises because people don’t understand the method produces a text link like any other text link. If unclear, I commend the section of aTbRef on links.