
I added a URL field called "Grant Folder" to the Opportunity object. I then created a formula field on Deliverable. This formula looks at a Deliverable's related Opportunity and checks the "Grant Folder" field. If there is a value there, it will create a hyperlink, and output nothing if there is nothing.
When I look at the record page, the value in "Grant Folder" is blank, but when I click "Edit" the word "Grant Folder" is there as an active hyperlink. Even if I just enter text "foo" in the formula editor I get the same result: nothing in the record page, but the value shows in the edit page.
I set the field to visible, field usage to Active, and Data Sensitivity level to none. I've never encountered this before.
Not necessarily related but if you're wondering the formula I used is:
IF(ISBLANK(npsp__Opportunity__r.Grant_Work_Folder__c), "", HYPERLINK(npsp__Opportunity__r.Grant_Work_Folder__c, "Grant Folder", "_blank"))

Aaaand mere moments after posting this, it's now visible. Just SF taking it's sweet time I guess 💁