Convert URLs to URL Embeds filter in text format creates empty link/paragraph

Problem/Motivation

The behaviour of the module is very inconsistent.

1. Non-embeddable URL are stripped out
2. The options of Convert URLs to URL embeds and Display embedded URLs are not compatible with Convert URLs into links

Steps to reproduce

1. Install and enable the module.
2. Configure the filter as follows:

3. Check the order to be as follows:

4. Add a non-embeddable URL

5. Add an embeddable URL

6. Add both URLs in same comment/node

You will see as follows:

If you use a URL embed dialogue box from CKEditor, your embeddable URLs, as well as non-embeddable URLs, will be rendered just like normal links.

If you enable Convert URLs into links and set the order just above the options provided by this module, all the URLs will be rendered as a link and will not be embedded.

Proposed resolution

1. The solution from https://www.drupal.org/project/url_embed/issues/2761187#comment-12908783