I have that style effect set, but it does not show:
PS Devs, you might want to know the preview is showing the formula rather than the result.
Press F11, click the + near Text and choose Hyperlink.
Aha. So formula hyperlinks don’t get automatically styled as hyperlinks. Devs, perhaps an oversight?
That works great. Thanks.
Interestingly a slightly colour difference:
Want to talk to devs? Use proper channel.
No - see tdf#134456. The “Hyperlink” cell style is explicitly created for that.