I am also looking for this, for the same case as the @SLG Marketing described. There is a button for which the user needs to specify text, link (internal or external) and target (if external).
Gutenberg uses an autocomplete for links, while classic editor (and ACF link field) uses the link selection modal. The primary benefit is that it handles both internal and external links; a user can select a post/page/etc OR enter a URL.
