07/22/21 - We updated the help text on the link field to clarify the experience for editors.
When to use Link Collection
A Link List is a good content type to use when you want a specific list that is not possible to be automatically generated or if you want to manually control the ordering of that list. You can specify a title for the list and provide a description for each link. Link Collections are intended to be used in the context of another page, like a Topic Page or a Landing Page. Please read our blog post for more information about Link Collections.
Similar content types
A Link Collection is similar to a Listing Page in its function, but rather than being an independent page, it's a block that can be placed within other pages, like Topic Pages or Landing Pages.