Thanks for the reply @mrpasini.
Here is some more information that might help understand the objective and the issue I am facing. I didn't want to clog up the first post with too much extraneous info so apologies if it was too vague.
Firstly, to answer your question, the only reason I search of the old link title (text) is that I don't know of any other way to search for a hyperlink using the Search and Replace action, since it only appears to search for text (no option to search for a hyperlink). I am only using the search to locate the old link after which I want to replace it with the new hyperlink that I have stored in a named clipboard ("002 EN New Link").
By way of further context, my objective is to ultimately create a "hyperlink search and replace" macro to work in Evernote for Mac, but I won't be able to do that unless I can first prove that it possible to search and replace a hyperlink in an individual note. I don't think that the Evernote note type (.enml) is the issue as I expect I would be facing the same challenge if I was just trying to replace hyperlinks in a plain old Rich Text Format note.
I created the attached Proof of Concept KM macro to try to get a successful search and replacement of a hyperlink but so far no luck. Everything seems to work correctly except for the step where the search and replace action is performed - it just doesn't find and/or replace the old link with the new link.
... and that brings me to the forum here scratching my head and wishing my brain was a little larger.
002 [EN] EN Link Find and Replace (POC Test) v0.1 WIP.kmmacros (20.8 KB)