Outlook Hyperlink also has its own limitation
One of my user was copying a shortcut as a hyperlink in Outlook and it opened the site with a empty Document Library .
I Compared the shortcut url with the one sent as hyperlink in the outlook and found that the one sent to the users is not a complete url/link . so thought their might be some limitation to that too .
Based on my research, this is what i found
Outlook 2013 – Seems no limitation.
Outlook 2010 – 1033 characters
Outlook 2007 – 1033 characters
Outlook 2003 – 256 characters