I think it both is okay if the user understands what will happen in the next step. A button is visually easier to scan for the user cause in most cases it has a border, background or something similar and the visible area is larger than the area of a link.
I think there is no perfect rule, should always test it with your target group.
By general rule, your buttons should look like buttons and your link should look like links. But reality is so that it is not always possible (or even good for your precise situation).
In my opinion, there is no real harm for links to looks like buttons. It's the other way around that is tricky (for the reasons you mentioned).
If you decide to make a ...
Given this question has the tags mobile and 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 ...