If I go and post a link like this (
https://www.google.com/), someone which is not registered->logged in will see a message along the lines of: Hidden link, register to view links, at least in the Download Links subforum(s).
On the other hand, by putting links between:
https://www.google.com/
You are allowing mere visitors to view, copy and potentially report them, too (no need for an account). Things have worked like this around here for years.
Each method has its pros and cons. At any rate, the amount of risk doesn't really change.