We did release a more simplified Insert Link editor in 2016.2. This allows you to do things on the embedded link such as unlink, url editing, auto titling, and opening the url - even when in content edit mode. However If there is a document that you would like to search, I would recommend using the @mention feature. This will allow you to search for people, places and content while editing your text.
Hope this helps.
You're not the only customer who's shocked Corey. As someone who manages a knowledge base that has links all over the place, this is in a HUGE issue for me. The @mention function simply DOES NOT WORK for us with content with lots of links. It takes a lot longer to find content and involves a lot of additional keystrokes. Plus if we don't want to add link text that is exactly the same as the document name, we have to go into the HTML to change it.
PLEASE JIVE: I can understand your need to improve functionality, but removing what is already there is not meeting that goal.