Although we do not recommend using the Hyperlink Manager to insert links it does have some other uses, such as inserting mailto links and inserting anchor tags.
Links created with this tool are not tracked, and as such we recommend you use the sidebar icons to insert links.
We do recommend using it for mailto links because tracked mailto links will open a blank window in addition to a new email. By using the hyperlink manager it will open a blank email with the to address completed.
The Hyperlink Manager is useful for adding links, but you can also use it for tool tips and and targets for tracked links.