Change:
open the settings, in the filter box enter . Check the settings description. It should contain links. The links use a special syntax: that must not be changed. The translated string has a message mentioning that. !
Thank you for your feedback. We are currently reviewing it (reference ).
could you please lock the placeholders with these annotations? I'll fix the local translation meanwhile.
I've got a fix out ^^
Verified in code while the translation is in work.

Discussion:
const colorThemeSettingEnumItemLabels: string[] = []; const colorThemeSettingEnumDescriptions: string[] = []; <ins> function formatSettingAsLink(str: string) { return ``#${str}#``; } </ins> const colorThemeSettingSchema: IConfigurationPropertySchema = { type: 'string', description: nls.localize('colorTheme', "Specifies the color theme used in the workbench."),

}; const preferredDarkThemeSettingSchema: IConfigurationPropertySchema = { type: 'string', // <del> markdownDescription: nls.localize({ key: 'preferredDarkColorTheme', comment: ['`#{0}#` will become a link to an other setting. Do not remove backtick or #'] }, 'Specifies the preferred color theme for dark OS appearance when `#{0}#` is enabled.', ThemeSettings.DETECT_COLOR_SCHEME), </del> <ins> markdownDescription: nls.localize({ key: 'preferredDarkColorTheme', comment: ['{0} will become a link to another setting.'] }, 'Specifies the preferred color theme for dark OS appearance when {0} is enabled.', formatSettingAsLink(ThemeSettings.DETECT_COLOR_SCHEME)), </ins> default: ThemeSettingDefaults.COLOR_THEME_DARK, enum: colorThemeSettingEnum, enumDescriptions: colorThemeSettingEnumDescriptions,

}; const preferredLightThemeSettingSchema: IConfigurationPropertySchema = { type: 'string', <del> markdownDescription: nls.localize({ key: 'preferredLightColorTheme', comment: ['`#{0}#` will become a link to an other setting. Do not remove backtick or #'] }, 'Specifies the preferred color theme for light OS appearance when `#{0}#` is enabled.', ThemeSettings.DETECT_COLOR_SCHEME), </del> <ins> markdownDescription: nls.localize({ key: 'preferredLightColorTheme', comment: ['{0} will become a link to another setting.'] }, 'Specifies the preferred color theme for light OS appearance when {0} is enabled.', formatSettingAsLink(ThemeSettings.DETECT_COLOR_SCHEME)), </ins> default: ThemeSettingDefaults.COLOR_THEME_LIGHT, enum: colorThemeSettingEnum, enumDescriptions: colorThemeSettingEnumDescriptions,

}; const preferredHCDarkThemeSettingSchema: IConfigurationPropertySchema = { type: 'string', <del> markdownDescription: nls.localize({ key: 'preferredHCDarkColorTheme', comment: ['`#{0}#` will become a link to an other setting. Do not remove backtick or #'] }, 'Specifies the preferred color theme used in high contrast dark mode when `#{0}#` is enabled.', ThemeSettings.DETECT_HC), </del> <ins> markdownDescription: nls.localize({ key: 'preferredHCDarkColorTheme', comment: ['{0} will become a link to another setting.'] }, 'Specifies the preferred color theme used in high contrast dark mode when {0} is enabled.', formatSettingAsLink(ThemeSettings.DETECT_HC)), </ins> default: ThemeSettingDefaults.COLOR_THEME_HC_DARK, enum: colorThemeSettingEnum, enumDescriptions: colorThemeSettingEnumDescriptions,

}; const preferredHCLightThemeSettingSchema: IConfigurationPropertySchema = { type: 'string', <del> markdownDescription: nls.localize({ key: 'preferredHCLightColorTheme', comment: ['`#{0}#` will become a link to an other setting. Do not remove backtick or #'] }, 'Specifies the preferred color theme used in high contrast light mode when `#{0}#` is enabled.', ThemeSettings.DETECT_HC), </del> <ins> markdownDescription: nls.localize({ key: 'preferredHCLightColorTheme', comment: ['{0} will become a link to another setting.'] }, 'Specifies the preferred color theme used in high contrast light mode when {0} is enabled.', formatSettingAsLink(ThemeSettings.DETECT_HC)), </ins> default: ThemeSettingDefaults.COLOR_THEME_HC_LIGHT, enum: colorThemeSettingEnum, enumDescriptions: colorThemeSettingEnumDescriptions,

}; const detectColorSchemeSettingSchema: IConfigurationPropertySchema = { type: 'boolean', <del> markdownDescription: nls.localize({ key: 'detectColorScheme', comment: ['`#{0}#` and `#{1}#` will become a link to an other setting. Do not remove backtick or #'] }, 'If set, automatically switch to the preferred color theme based on the OS appearance. If the OS appearance is dark, the theme specified at `#{0}#` is used, for light `#{1}#`.', ThemeSettings.PREFERRED_DARK_THEME, ThemeSettings.PREFERRED_LIGHT_THEME), </del> <ins> markdownDescription: nls.localize({ key: 'detectColorScheme', comment: ['{0} and {1} will become links to other settings.'] }, 'If set, automatically switch to the preferred color theme based on the OS appearance. If the OS appearance is dark, the theme specified at {0} is used, for light {1}.', formatSettingAsLink(ThemeSettings.PREFERRED_DARK_THEME), formatSettingAsLink(ThemeSettings.PREFERRED_LIGHT_THEME)), </ins> default: false };

const detectHCSchemeSettingSchema: IConfigurationPropertySchema = { type: 'boolean', default: true, <del> markdownDescription: nls.localize('autoDetectHighContrast', "If enabled, will automatically change to high contrast theme if the OS is using a high contrast theme. The high contrast theme to use is specified by `#{0}#` and `#{1}#`.", ThemeSettings.PREFERRED_HC_DARK_THEME, ThemeSettings.PREFERRED_HC_LIGHT_THEME), </del> <ins> markdownDescription: nls.localize({ key: 'autoDetectHighContrast', comment: ['{0} and {1} will become links to other settings.'] }, "If enabled, will automatically change to high contrast theme if the OS is using a high contrast theme. The high contrast theme to use is specified by {0} and {1}", formatSettingAsLink(ThemeSettings.PREFERRED_HC_DARK_THEME), formatSettingAsLink(ThemeSettings.PREFERRED_HC_LIGHT_THEME)), </ins> scope: ConfigurationScope.APPLICATION };

semanticHighlighting: { description: nls.localize('editorColors.semanticHighlighting', 'Whether semantic highlighting should be enabled for this theme.'), deprecationMessage: nls.localize('editorColors.semanticHighlighting.deprecationMessage', 'Use `enabled` in `editor.semanticTokenColorCustomizations` setting instead.'), <del> markdownDeprecationMessage: nls.localize('editorColors.semanticHighlighting.deprecationMessageMarkdown', 'Use `enabled` in `#editor.semanticTokenColorCustomizations#` setting instead.'), </del> <ins> markdownDeprecationMessage: nls.localize({ key: 'editorColors.semanticHighlighting.deprecationMessageMarkdown', comment: ['{0} will become a link to another setting.'] }, 'Use `enabled` in {0} setting instead.', formatSettingAsLink('editor.semanticTokenColorCustomizations')), </ins> type: 'boolean' } },