I use links as direct links between one note and another. With an option to describe the nature of the link if i choose.
Tags usually being indirect.
A small number being categorical. Others being very loose associations. Two notes sharing a tag doesn’t necessarily imply that they are linked in any meaningful way.
I see current Obsidian treatment of both as fairly irrelevant because I know that search, queries, graphs etc are all in line for substantial development. And I’ll consider future treatment when we reach the future.
And I can’t ignore how other programs work with these features because I actively use other programs to work with Obsidian files.