Yes, for EPUBs these are just href's to the embedded html files (External links work as well). For PDFs these are the same links that work in Acrobat.
Thanks for this info Jim!
The links embedded in the PDF don't consistently work in ADE 2.0. Is there any way around this ADE 2.0 issue/glitch? For example, would it help to set the link properties actions to a "fit page" zoom level?
Appreciate your help:)