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Are you serious?
It could work the way you're describing with the same effect, but that's not what's being described.
Quoting your quote, now with emphasis:
So, as I said, the link text you see appears unchanged, but where it goes is changed. That's why it's a phishing concern.
No, apparently what happens is people post netflitwitter.com, linking to netfltwitter.com, and the X app changes the visible link text to netflix.com but not the link target.
The way you're describing it is the reverse, like people post netflix.com and the link is changed to netflitwitter.com. That's not what they're doing. Or, if it was that people posted netflitwitter.com and it linked to netflix.com, how would that be a problem?
No. If the link was left pristine, phishing would be impossible, because the original links we're discussing went to genuine sites and the displayed link would be obviously garbage.
The whole problem is that people are linking to netflitwitter with a display of netflitwitter, then the regex changes the link target, so you see the original, sane address, click on it, and get deceived into going to a target the regex fabricated.
That COULD be what happened, and it would have a similar effect, but it wasn’t what happened. If you read information about this that becomes apparent. They didn’t change the link target, they changed the link text only.
Someone registers spacetwitter.com and sets up an adversarial site. They then make an “X” post mentioning spacetwitter.com. The app creates a link to spacetwitter.com but changes the text to say spacex.com.
Please read this: https://krebsonsecurity.com/2024/04/twitters-clumsy-pivot-to-x-com-is-a-gift-to-phishers/
Notice how it says modifying links that mention “twitter.com” to read “x.com” instead.