Hey Jack, that’s a really interesting use case! I’d never tried that but you’re right that it seems like using the Get tag with its “normal” syntax (like <Get hello />) works correctly and renders your hyperlinked text, but for some reason when you use the syntax that puts the tag in the value of an attribute (like "{Get hello }") it doesn’t work and replaces the angle brackets with curly braces and outputs the HTML tags as a text string. I tried using a template variable too (<Set template=hello />) and it had the same behaviour. I assume the replace and with attributes are designed for replacing simple text strings, so that with attribute is interpreting <a href=... as a string and not as HTML code. I think this is the expected behaviour since Format replace is currently designed to replace one string with another. That being said, I can see the value in expanding this to allow it to replace a string with some HTML or even an entire template. I’ve added this feature request and I’ll let the devs look into the feasibility of this.
Regarding your side-note, if I understand correctly, you’re noticing the same behaviour as this forum user, right? If so, that feature/improvement request has been added and the devs are looking into addressing it.