diff --git a/packages/block-editor/src/components/link-control/index.js b/packages/block-editor/src/components/link-control/index.js
index 142ffd6db1e50..0e4273f6715b1 100644
--- a/packages/block-editor/src/components/link-control/index.js
+++ b/packages/block-editor/src/components/link-control/index.js
@@ -137,17 +137,18 @@ function LinkControl( {
 	const isEndingEditWithFocus = useRef( false );
 
 	const [ settingsOpen, setSettingsOpen ] = useState( false );
+	const [ newValue, setNewValue ] = useState( value );
 
 	const [ internalUrlInputValue, setInternalUrlInputValue ] =
-		useInternalInputValue( value?.url || '' );
+		useInternalInputValue( newValue?.url || '' );
 
 	const [ internalTextInputValue, setInternalTextInputValue ] =
-		useInternalInputValue( value?.title || '' );
+		useInternalInputValue( newValue?.title || '' );
 
 	const [ isEditingLink, setIsEditingLink ] = useState(
 		forceIsEditingLink !== undefined
 			? forceIsEditingLink
-			: ! value || ! value.url
+			: ! newValue || ! newValue.url
 	);
 
 	const { createPage, isCreatingPage, errorMessage } =
@@ -192,7 +193,7 @@ function LinkControl( {
 		isEndingEditWithFocus.current = false;
 	}, [ isEditingLink, isCreatingPage ] );
 
-	const hasLinkValue = value?.url?.trim()?.length > 0;
+	const hasLinkValue = newValue?.url?.trim()?.length > 0;
 
 	/**
 	 * Cancels editing state and marks that focus may need to be restored after
@@ -208,24 +209,23 @@ function LinkControl( {
 	};
 
 	const handleSelectSuggestion = ( updatedValue ) => {
-		onChange( {
+		const valueToApplyAndFormat = {
 			...updatedValue,
 			title: internalTextInputValue || updatedValue?.title,
-		} );
+		};
+		setNewValue( valueToApplyAndFormat );
+		onChange( valueToApplyAndFormat );
 		stopEditing();
 	};
 
 	const handleSubmit = () => {
-		if (
-			currentUrlInputValue !== value?.url ||
-			internalTextInputValue !== value?.title
-		) {
-			onChange( {
-				...value,
-				url: currentUrlInputValue,
-				title: internalTextInputValue,
-			} );
-		}
+		const valueToSubmit = {
+			...newValue,
+			url: currentUrlInputValue,
+			title: internalTextInputValue,
+		};
+		setNewValue( valueToSubmit );
+		onChange( valueToSubmit );
 		stopEditing();
 	};
 
@@ -240,19 +240,13 @@ function LinkControl( {
 		}
 	};
 
-	const resetInternalValues = () => {
-		setInternalUrlInputValue( value?.url );
-		setInternalTextInputValue( value?.title );
-	};
-
 	const handleCancel = ( event ) => {
 		event.preventDefault();
 		event.stopPropagation();
 
-		// Ensure that any unsubmitted input changes are reset.
-		resetInternalValues();
+		setNewValue( value );
 
-		if ( hasLinkValue ) {
+		if ( value?.url?.trim()?.length > 0 ) {
 			// If there is a link then exist editing mode and show preview.
 			stopEditing();
 		} else {
@@ -268,7 +262,7 @@ function LinkControl( {
 	const currentInputIsEmpty = ! currentUrlInputValue?.trim()?.length;
 
 	const shownUnlinkControl =
-		onRemove && value && ! isEditingLink && ! isCreatingPage;
+		onRemove && newValue && ! isEditingLink && ! isCreatingPage;
 
 	const showSettings = !! settings?.length;
 
@@ -277,7 +271,7 @@ function LinkControl( {
 	// See https://github.com/WordPress/gutenberg/pull/33849/#issuecomment-932194927.
 	const showTextControl = hasLinkValue && hasTextControl;
 
-	const isEditing = ( isEditingLink || ! value ) && ! isCreatingPage;
+	const isEditing = ( isEditingLink || ! newValue ) && ! isCreatingPage;
 
 	return (
 		<div
@@ -300,7 +294,7 @@ function LinkControl( {
 						} ) }
 					>
 						<LinkControlSearchInput
-							currentLink={ value }
+							currentLink={ newValue }
 							className="block-editor-link-control__field block-editor-link-control__search-input"
 							placeholder={ searchInputPlaceholder }
 							value={ currentUrlInputValue }
@@ -333,8 +327,8 @@ function LinkControl( {
 
 			{ value && ! isEditingLink && ! isCreatingPage && (
 				<LinkPreview
-					key={ value?.url } // force remount when URL changes to avoid race conditions for rich previews
-					value={ value }
+					key={ newValue?.url } // force remount when URL changes to avoid race conditions for rich previews
+					value={ newValue }
 					onEditClick={ () => setIsEditingLink( true ) }
 					hasRichPreviews={ hasRichPreviews }
 					hasUnlinkControl={ shownUnlinkControl }
@@ -356,9 +350,9 @@ function LinkControl( {
 								setInternalTextInputValue
 							}
 							handleSubmitWithEnter={ handleSubmitWithEnter }
-							value={ value }
+							value={ newValue }
 							settings={ settings }
-							onChange={ onChange }
+							onChange={ setNewValue }
 						/>
 					) }