iOS 15+ (Swift 5.5 +)

SwiftUI has built-in support for rendering Markdown

To create a link, enclose the link text in brackets (e.g., [Duck Duck Go]) and then follow it immediately with the URL in parentheses (e.g., (https://duckduckgo.com)).

 Text("[Privacy Policy](https://example.com)")

https://www.markdownguide.org/basic-syntax/#links

String variable

1. Use init(_ value: String)

Creates a localized string key from the given string value.

let link = "[Duck Duck Go](https://duckduckgo.com)"
Text(.init(link))

String interpolation

1. Use init(_ value: String)

Creates a localized string key from the given string value.

  let url = "https://duckduckgo.com"
  let link = "[Duck Duck Go](\(url))"
  Text(.init(link))

Attributed text

2. Use init(_ attributedContent: AttributedString)

Creates a text view that displays styled attributed content.

let markdownLink = try! AttributedString(markdown: "[Duck Duck Go](https://duckduckgo.com)")
Text(markdownLink)

Similar question:
Making parts of text bold in SwiftUI

Use the Link View

A control for navigating to a URL.

https://developer.apple.com/documentation/swiftui/link

Link("Privacy Policy", destination: URL(string: "https://example.com")!)