Steps to reproduce:
1.Open a page with VE
2.Select a text
3.Apply some formatting from the formatting menu in the toolbar for example:
4.Also apply a link on the text
5.Now from the formatting menu select the "Clear formatting" option
Along with all the text formatting, the link applied on the text also gets removed.
It is better if Clear formatting only removes the text formatting not the link applied because that is not part of text formatting options.