I just came back to post what's I'd discovered and Brf beat me to it.
Yes, for anyone else,
works.
Having TEXT2 allows you to put a descriptive text instead of the link.
I'm somewhat perplexed, this is not a built in function and the
"{LOCAL_URL} A local URL. The URL must be relative to the topic page and cannot contain a server name or protocol."
on the custom BBCode page makes me wonder if we're not overlooking something somewhere.