Hi @Pavan could you show us a mock-up of what you're trying to achieve? I'm having trouble understanding the purpose of your question.
You can select text (or heading), and use the shortcut CTRL/Command + K to insert a link.
Well, you can't make the steps to edit a link (click on the linked text and then select Edit link) any easier. As you now have so many possibilities with smart links, you'll need to choose a certain option:
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.