WordPress at a glance
function is not described

WP_Embed::maybe_make_link() public WP 1.0

Conditionally makes a hyperlink based on an internal class variable.

{} It's a method of the class: WP_Embed{}

Hooks from the method
Return

String|false. Linked URL or the original URL. False if 'return_false_on_fail' is true.

Usage

global $wp_embed;
$wp_embed->maybe_make_link( $url );
$url(string) (required)
URL to potentially be linked.

Code of WP_Embed::maybe_make_link() WP 5.7

<?php
public function maybe_make_link( $url ) {
	if ( $this->return_false_on_fail ) {
		return false;
	}

	$output = ( $this->linkifunknown ) ? '<a href="' . esc_url( $url ) . '">' . esc_html( $url ) . '</a>' : $url;

	/**
	 * Filters the returned, maybe-linked embed URL.
	 *
	 * @since 2.9.0
	 *
	 * @param string $output The linked or original URL.
	 * @param string $url    The original URL.
	 */
	return apply_filters( 'embed_maybe_make_link', $output, $url );
}