{{cart.link}} format question

Hi there,

When using {{cart.link}} or the unsubscribe merge code, is it supposed to be a lengthy link that is shown to the customer via email?
The link is 126 characters long kinda like this: https://www.*****.com/?wcal_action=track_links&validate=*****************************************************

For both of those merge codes and in hotmail, they don’t seem to be clickable?

Thanks