Label Links not working with variable

I am using a Label form control, which has recently updated. The old version had a field for both the link text and the link URL. However, the current version only has the URL, and when I use a variable for the URL, it doesn’t display correctly- it shows the URL and not the text I had highlighted to add the URL. 

I even tried using the source code version to put things in, but that gave me the same result. Any ideas?