Link to URL in Gutenberg (no embed)

The editor does have an insert link feature. In the Paragraph block where your text is, click where you want the link, then click the button to the right of the I for Italics. It looks like a little chain and says Link when you hover over it.

You can also highlight text before clicking the button, if you want that text to have that link.

Another shortcut is that you can copy the link, highlight the text you want to be linked, then paste the link onto it. The editor will recognize the link and turn the text into a link instead of replacing that text.