As of December 20, 2021, when links are copied as html on Windows 10 - the Windows clipboard no longer recognizes them as html links
For example, if an html link is created for this web page
https://tidesandcurrents.noaa.gov/sltrends/globalregionalcomparison.html
And then I paste it into the WordPress editor, it appears like this :

The code which is getting embedded as html now (incorrectly) looks like this

The pasted link used to appear in the WordPress editor (correctly) as a link :
