This can break WCAG 2.1 Level A Success Criterion 2.4.4 (Link purpose (in context)) where it states that

The purpose of each link can be determined from the link text alone or from the link text together with its programmatically determined link context, except where the purpose of the link would be ambiguous to users in general.

We need the link texts to be descriptive and readable enough so they can clearly convey their purpose. A URL for the link text does not really provide such information and can also pose difficulties, especially for screen reader users.