Create a web link to some URL in a non-Draft folder. Delete that item (which moves it to the Trash). Right click on the item in the Trash folder. Select “Open -> Original URL in Browser”. The original URL (the one referring to the original web page) is NOT opened. The copied version (the “file://” protocol) is opened. This is not the original URL.
Hm, actually, testing this, it looks like the Open > Original URL in Browser command is just not working, period. The whole bit with trashing the file is unnecessary. Thanks for this catch; I’ve logged it!