NOTE: RETIRED FEATURE - EXISTING SUCH LINKS ARE NOW NORMAL TEXT LINKS
It is not possible in v5 to make a link from a selection in $Text to a selection in $Text. It certainly was possible at some point in the past. This feature was never formally withdrawn, so it is not clear when things changed. Any such links in old TBX documents will currently function as normal text links.
A less usual form of text link, but originally supported, is for a text link's target to be a text selection in another note. When following such links within Tinderbox, if the target text is not visible within the initial amount of $Text displayed, the $Text is scrolled to put the target text in view.
By comparison, a text window normally opens to show the $Text starting at its beginning.
The target text selection cannot be easily identified as it is not shown in the Browse Links dialog nor is it highlighted via Cmd+Opt nor via colouring of anchor text.
Thus its main usefulness is to link to the right part of a long text note to ensure the relevant section is on view after following the link. When linking to notes with small amounts of text there is no real benefit in using a text selection for the target.