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The hyperlink style makes your text appear as a link, with blue text and an underline appearing. The hyperlink styling allows you to give the text extra properties. To make the text an actual link you have to use the these properties.
The style context controls the text color of your hyperlink, to which color this translate in the browser is depending on the design template and the browser used. The "On click" property relates to what happens when the hyperlink is clicked. These are the same choices a button has. By default it refreshes the screen. The other option from left to right: open a flowchart, follow a button exit, go to a navigation item, open a hyperlink and downloads a file.