Possible Bug with SharePoint Hyperlink Column and Format This Column

Sourceress CarolinaMiC,

Yes, this bug is still there in the SharePoint. Instead of using default styling and color options, use JSON like below in "Advanced mode" of the column formatting option for hyperlink column: 

{
  "$schema": "https://developer.microsoft.com/json-schemas/sp/v2/column-formatting.schema.json",
  "elmType": "a",
  "style": {
    "box-sizing": "border-box",
    "padding": "0 2px",
    "overflow": "hidden",
    "text-overflow": "ellipsis",
    "text-decoration": "none",
    "color": "#555555"
  },
  "attributes": {
    "class": "sp-field-fontSizeSmall sp-field-bold",
    "href": "[$HyperlinkCol]"
  },
  "txtContent": "[$HyperlinkCol.desc]"
}

Where HyperlinkCol is the internal name of hyperlink column. You can get the internal name of your column by following this article: How to find the Internal name of columns in SharePoint Online? 

OR use @currentField for href and @currentField.desc for txtContent.

Output: 

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