Great question — answering as the UphillTech team:
Okay, you can definitely track the clicked link, but you will have to write some custom code for it. Make a customJS variable. In it, you have access to your {{Click Element}}, therefore you can do something like: return {{Click Element}}.getAttribute("href"); Or get any other attribute. Also, since it's JS now, you can get whatever is in DOM at the time of the click. Now you can use your variable to set the label for your click event. Built-in variables in GTM are ok, but there are plenty of cases when they don't work due to no fault of GTM. In the vast majority of these cases (like 99.9%), however, you can still tackle it with JS.
Full answer by BNazaruk: https://webmasters.stackexchange.com/a/136426 (CC BY-SA 4.0).
Need it done for your business? UphillTech.