This is a step-by-step guide to extract all of the hyperlinked text from a Microsoft Word document and then create an Excel spreadsheet with two columns of the original text and the URLs.
For non-technical people, there is code involved in this process, but it's just copy-and-paste from what is provided below. Also, "extracting" doesn't mean that the links are removed from your document; just copied and pasted into a new document and your original document is still unchanged. This is tested against the current version of Word and Excel as of late 2022.
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Open the Word document from which you want to extract all the links.
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Press the Alt and F11 (Opt-Fn-F11 on Mac) to open the VBA Script Editor.