When you format text with backticks, if that text is also inside a link, the text inside backticks will not be highlighted as a hyperlink. This makes it difficult to tell that text formatted with backticks is a link. This is a very common case in my experience, as it is often useful to show the name of a function and have it be a link to its source/documentation.

[example `monospaced` link]()

How GitHub formats the above markdown:

How Stash formats the above markdown:

As you can tell, if there were no surrounding text, the reader would have no idea the text was a link.