paulus1031 I was trying different PHP versions in a vain attempt to get a different result. The site is currently running PHP version is 5.6.x. To your point, I believe the answer is yes, these should be valid content links since I can turn off Joomla SEF and they work, also because the page Title is changing, but unfortunately I can't be sure due to a lack of Joomla debugging experience.
As a counter example to the problem the "Latest Events" section below the Hero banner is an instance of the same module with slightly different settings and those links work correctly.