I have a 1:m simple relationship linking a point feature to a table in Pro 3.4 file GDB. The table contains a hyperlink field. When clicking on the point feature, the related table information displays, but the hyperlink field is not active (black text). When I open the table directly, the hyperlink field is active (blue text). I have not made any alterations to the pop-up's. The relationship pop-up did work on this same database under 3.3.2, but I hate to revert.
Since this was working at ArcGIS Pro 3.3.2 and not ArcGIS Pro 3.4, it leads me to believe that the security options in 3.4 are not set properly. You can read more about these settings here.