LLMs attempt that, but their success is mixed - sometimes the summary is very bad.

You don't need to load where the link is going. The base line is the context a sighted person would have when they see the "click here" link.

While that would work in many situations, I think the number of edge cases would be too great to make it reliable as a primary mode for communicating meaning in an accessible interface. As an alternative assistive feature? Sure. Something to rely on? I'll believe it when I hear it.