Try a fix (#58282)

packages/format-library/src/link/inline.js

@@ -212,7 +212,17 @@ function InlineLinkUI( {
 	//  This caches the last truthy value of the selection anchor reference.
 	// This ensures the Popover is positioned correctly on initial submission of the link.
 	const cachedRect = useCachedTruthy( popoverAnchor.getBoundingClientRect() );
-	popoverAnchor.getBoundingClientRect = () => cachedRect;
+
+	// If the link is not active (i.e. it is a new link) then we need to
+	// override the getBoundingClientRect method on the anchor element
+	// to return the cached value of the selection represented by the text
+	// that the user selected to be linked.
+	// If the link is active (i.e. it is an existing link) then we allow
+	// the default behaviour of the popover anchor to be used. This will get
+	// the anchor based on the `<a>` element in the rich text.
+	if ( ! isActive ) {
+		popoverAnchor.getBoundingClientRect = () => cachedRect;
+	}
 
 	async function handleCreate( pageTitle ) {
 		const page = await createPageEntity( {