With the autoparse options, enabled in the Links section of the configurator, you can simply paste certain types of links and they will be automatically processed.
With images, you can paste the link to an image and it will be inserted.
Pasting a link to a YouTube or Vimeo video page will automatically embed the video.
As an alternative to providing the link, you can also use the Video toolbar button to provide an embed code instead.
When pasting in a URL, it will be turned into a proper link. The link text is the URL. To control the length of the link text, configure the Link text length setting.