Hi Bastien.

I'm also having the same issue here.

Emacs: GNU Emacs 27.2.50 (build 1, x86_64-pc-linux-gnu, GTK+ Version 
3.24.5) of 2021-04-16
Package: Org mode version 9.4.4 (release_9.4.4 @ 
/home/user/.local/share/emacs/27.2.50/lisp/org/)

I've been able to reproduce with 'emacs -Q' (file is attached).
Apparently, whether emacs can display the link correctly or not depends 
on the number of characters before breaking the link with a newline.
If you remove one character before the newline, it works as expected. If 
you 'C-c C-l' in the link, it also works as expected until you close the 
file and open again, which goes back to not working.

Am I missing anything?

--

Yukio