Linking to a local file with the file:/// URL protocol fails if the URL contains an anchor tag. It looks like Obsidian is parsing the entire URL as a file path instead of passing the entire string through
Examples
Linking to a local HTML file (this works):
file:///H:/wiki/Recipe%20wiki.html
Linking to an anchored section in the HTML file (this fails in Obsidian but opens correctly in a browser):
file:///H:/wiki/Recipe%20wiki.html#%5B%5BCookies%2C%20Oatmeal%5D%5D
“Windows cannot find ‘…the url above here…’ Make sure you typed the name correctly, and then try again.”