A bug is confirmed but only in scenarios where you change the type of the existing cell to "Button/Link". If you CREATE a new button/link element from the toolbar, everything works fine.
The bug will be fixed in the next build - in the meantime use the toolbar button to create this element rather than changing an existing cell type.
The "Generate Link" flag only affects the styling of the button. If it's on the button is styled as an HTML link element