I believe this is not work as you are using the hyperlink function (instead of right click > hyperlink..)
You can prove that this is the issue by right click assigning a hyperlink to a cell and testing your code there.
Are you getting the link address from another cell? if so you could go straight there and open the link using ActiveWorkbook.FollowHyperlink
or you could use a technique like this reading the hyperlink value from a formula:
https://stackoverflow.com/a/42564907/359135
Some working (hopefully) code that extracts the url from the formula and opens it:
Sub OpenLinks()
Dim xHyperlink As Hyperlink
Dim WorkRng As Range
On Error Resume Next
xTitleId = "Select Area"
Set WorkRng = Application.Selection
Set WorkRng = Application.InputBox("Range", xTitleId, WorkRng.Address, Type:=8)
For Each c In WorkRng.Cells
Dim sFormula As String
Dim l As String
sFormula = c.Formula
l = Mid(sFormula, WorksheetFunction.Search("""", sFormula) + 1, WorksheetFunction.Search(",", sFormula) - WorksheetFunction.Search("""", sFormula) - 2)
ActiveWorkbook.FollowHyperlink l
Next
End Sub
I had to tweak the code from that example to not include the quotation marks when extracting the url from the formula text.