It's good to see cross note links coming to Apple Notes, however the implementation described sounds quite cumbersome. That is the need to add two separate links, one in each note. Also only being able to select from a list of notes vs. search + autosuggest, would quickly get tiresome as the number of notes grows.
Many Note taking and Personal Knowledge Management applications have a backlink capability whereby both links are added at once. They also typically enable you to enter part of the name of the target note and then popup a list of matches for you to chose from. For example our cross platform PKM app Clibu Notes offers this functionality and much more.