Nope. You're not missing anything.

One work around is to put a rectangle over the email address. Then hide the
borders and assign a hyperlink to that rectangle.

adam wrote:

Hello,

Is it possible to insert a hyperlink/URL into a cell that already
contains other text?

In other words, I have a cell (1 row and 7 merged columns) that
contains a paragraph of text and instructions. Within these
instructions is my email address. I'd like to make my email address a
click-able hyperlink. However, I only seem to be able to make the
entire cell a hyperlink. Am I missing something? Thanks!

-Adam

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Dave Peterson