Hi Kate,
I haven't personally used library, so I cannot say if that's the case.
This method is more like a work-around to the character limitation of using a hyperlink column. You are not going to create a URL column, you will need to create a multiple lines of text column for the field you want to store your URLs. (Make sure it is multiple lines of text, because single line of text has the same character limitation as the hyperlink field)

The detailed setting for that multiple lines of text looks like the following:

Choose "Plain text", and in the Column formatting box paste in the JSON code:
{
"$schema": "https://developer.microsoft.com/json-schemas/sp/v2/column-formatting.schema.json",
"elmType": "a",
"txtContent": "=if(@currentField, 'Link to Folder', '')",
"attributes": {
"target": "_blank",
"href": "@currentField"
}
}Once you save the settings, whatever URL you paste into the cell should automatically turn into a Hyperlink once you hit enter and save the cell.

Let me know if that helps!
Best,
Oliver