Applies to: Word for Office 365, Word 2019, Word 2016.
Removing a hyperlink preserves the text; it simply removes the link.
Right-click the link, and select Remove Hyperlink.
Tip: To disable Word from instantly forming a link when you type a web address, hover over File > Options > Proofing, and press AutoCorrect Options. On the AutoFormat As You Type tab, uncheck the Internet and network paths with hyperlinks checkbox.