Short version:
Hot on the heels of Can edit/Can view being added to OneDrive/SharePoint sharing dialogue, this new feature will make Link settings more discoverable by adding it to the quick permissions dropdown. Due mid to late May.

Details:
Hot on the heels of Can edit/Can view being added to OneDrive/SharePoint sharing dialogue, this new feature will make Link settings more discoverable by adding it to the quick permissions dropdown:

When you interact with the OneDrive/SharePoint share control you will easily find link settings and be able to set the options you want on your link:

Availability:
This feature is rolling out now and should be complete by late May 2021.