Great question!

It depends upon your goal.

My gut feeling is that a reader is more likely to click on a link that interrupts the text and includes a photo.

So if your goal is more reads for the linked-to piece?

I'd go with that.

But if you like to use illustrations to break up your work, I wouldn't confuse readers by using both illustrative photos AND links that include a photo.

My gut feeling is that you need to choose between using (1) photo illustrations and hyperlinks from a word or two in your post or (2) using stand-alone links that include illustrations.

I could be wrong. I've never tested this out.

Maybe I should write an essay addressing the topic and asking readers what kind of set up they prefer and what kind of link they're more likely to click on.

Obviously, if you're using illustrations, linking a line (hyperlink) makes more sense. Using both illustrations and