Hi there, are you using a free account? To use most of the Rich Content Editor, you need to have the "Allow All HTML Markup" permission enabled for your account, which is not available for free accounts. Other free account limitations can be found below:
https://www.qualtrics.com/support/survey-platform/managing-your-account/trial-accounts/

Thank you for the response!
If it isn't available for free accounts, the ability to add hyperlinks should be DISABLED for free accounts. I've scanned dozens of help articles and support chats with no clear answer. This is after spending an hour creating a survey in which it allowed me to add multiple hyperlinks.
I understand monetizing the platform, but there is no way I can convince my team of the value if basic functionality isn't possible before you pay.