When you invoke the HYPERLINK command (Ctrl+K) for the first time in a session, its response time may be very slow - you might wait minutes before the dialog appears, AutoCAD appears to "hang".
This command reads in (scans and caches) all files in the Documents folder, including its subfolders and any shortcuts (links) placed in it.
In case of large folders, network folders (mapped) and invalid shortcuts (non-existent), this scanning may take minutes.
You can make the response faster by cleaning the Documents folder of useless and obsolete shortcuts. AutoCAD scans the folder Documents („My Documents“), so as it is defined in the Registry key:
HKCU\Software\Microsoft\Windows\CurrentVersion\Explorer\User Shell Folders\Personal
this key usually points to: