My question was in regard to the most ‘local’ kind of link - to files on a specific computer (actually a networked drive with one of those UNC paths in my particular use).
I acknowledge the obvious fact that a local link would not work on a different computer without access to the same local file system. Despite that, the feature would be of some utility IMHO. An unsuccessful attempt to follow a local link from a different local environment would be a case of user-error.
The concept of file links to the local cloud host is also a good one, but not what I am specifically after in this particular topic.