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Is it possible to convert some note text into a link?

I can see that I could drag the link into a note but I was thinking of something like the following workflow:
  • Highlight a word in the note
  • Press CMD-K (a popular keyboard command to open a link dialog)
  • Press CMD-V to paste the link into the dialog

But I see that CMD-K is used for clean up and I don't see any other commands for creating a link within a note.
While you can get the link into the note in raw form it would tidier if text could be converted to a link

Thanks