“Link to Copied Address” is used in tandem with “Copy as Link”.

After copying a link from one document, switch to a different document and “Link to Copied Address” to link the new document to the document the address was copied from.
This creates a bidirectional link between the two documents to quickly access each from the other.

As the name suggests, the command links to an item based on an URL in the clipboard. If a valid link is in the clipboard, the command will have an icon next to it. If not, “Link to Copied Address” will be greyed out. A URL is invalid to link with if the URL is improperly formed, or if it links to an item which doesn’t exist, or if it is a link to the current context, or if it is already linked.