Step 4. Reflection
Links should make sense when taken out of context. Period.
Again, it makes a difference to all your users. A proper link text decreases disorientation of your users by giving them information of the link's purpose and associated outcome. You'll save screen readers users a lot of time, since they have to find the link they need in the list of them without the context.
In addition, be aware of the way you use underline styling on non-link elements. Mouse users could feel frustration when clicking on the text styled as a link without any consequent response.
WCAG 2.1 has "2.4.4 Link Purpose (in Context)" and "2.4.9 Link Purpose (Link Only)" success criteria on best practices and requirements for writing link text. Check out the resources for more information.