When working with shapefile data, ArcMap dynamic hyperlinks or those inserted by right-clicking on a feature in the Identify dialog box are assigned to different features.
When clicking on a feature with the hyperlink tool, an incorrect link notification appears. By using Identify on a feature and then right-clicking it from the Identify window > Manage Hyperlinks, the incorrect 'link/list' of links is shown.
ArcMap keeps track of dynamic hyperlinks using the shapefile's FID field. The FID of shape features is recalculated when features are deleted. This means that after editing shapefile data and deleting some features, dynamic hyperlinks can be attached to different features.