I understand the request and I have tried the feature in Obsidian - I need to hold Ctrl in order for previews to show. Perhaps different versions (you appear to have Mac, with Cmd vs Ctrl) behave differently or there’s a setting that one of us have changed?
Edit: please see this topic where it is stated by the developers that you need to press Ctrl/Cmd to enable the preview pop-up while in edit mode.
This one describes it better - that Ctrl is needed in edit mode but not in preview mode. I rarely use preview mode so that would account for our confusion. It seems strange that the two modes have different functionality.
Whatever the case, yes I agree that this should not affect the text preview and only provide an alternative.
P.s. You might want to edit the title of this feature request. Emblemed isn’t really a word - do you mean embed or embedded? Either way, perhaps “Show Local Graph Preview on Link Hover” would be a better description since the graph won’t be embedded.