It is really great how VE now communicates whether you are inside the link context or outside of it as you edit a link element.
It works quite well in general but I found a small issue worth documenting.
When adding an external link by pasting it into the document, the next action is to rename the label. If the label is removed character by character until the item is empty you can still add the new label. But as soon you continue editing somewhere else, the link gets lost.
I captured that in an animated gif for more clarity:
I tried alternative approaches like editing the label first or even selecting it with a double-click, and both worked well.