In paragraphs of text on mobile, should we make use of ellipsis with a link, such as "read more” altogether, or keep them separated? What is best in terms of UX?
The key objective here (of any blog or article) is to have the reader open the article. BUT, a person who opened a blog would be more likely to actually open and read an article regardless of visual cues. So instead it's essential to make the whole section, including the title, excerpt, tags and maybe a picture, as a link(s). That way it's easier to click any part of it and expect the article to open.
This answer gives a better outlook on the whether to use a "read more" text or not.
You'll need to consider where the read more material appears. If it is a link then you are going to a new page, or using an Ajax call to refresh the page to expand and show more content. Another convention is using accordion "+" plus signs and often tabs to indicate content can open up and drop down. You may want to look at the conventions used by WordPress to get a feel for standard practice...*read more https://codex.wordpress.org/Customizing_the_Read_More *.
Given this question has the tags
hyperlinks but not the tag
web, I assume you are designing a mobile application. If you are implementing hyperlinks to navigate, you are effectively making a website on mobile, that is not a great approach.
An ellipsis on mobile indicates truncated text, that is all.
It sounds like you are presenting multiple paragraphs, sequentially ordered, and I guess scrollable (like a web page), but you are truncating all paragraphs. Seems like a strange thing to do, why are you doing that?
If you are presenting multiple paragraphs within a list, leverage the normal list usage whereby a User clicks on a list item to "drill-down" into that item (i.e. to read more).
If you are only truncating the last paragraph in a piece of written work, and you want to make the full text available, then you are going to need to add a means to navigate to the full piece of work: consider adding a button for that (if not already within a list item).