It seems pretty clear that the intent is for this to cover the current linking/snippeting practices. If it wasn't covered, there is no chance of this law providing publishers a new revenue stream.
And what are those current practices? On Google News it appears to literally be just the title and maybe a tiny thumbnail image. On search it's those plus less than a sentence of text. It's pretty hard to see the intent here as not covering even just a link that uses the original title.
Links that can't even use the original title would be totally nonviable, they might as well not exist. And again, this proposal would disallow even an opt-in arrangement.
Maybe the problem is that most of the articles nowadays could be shortened to just a few sentences as the rest of the body is just a filler and people just don't want to waste time going to the linked sites to ingest it?
This would absolutely apply to sites like HN or Reddit. Of course sites outsite EU jurisdiction aren't required to follow EU law, but may eventually find themselves ordered blocked by European ISPs if they don't.