The CanLaunchURL() function seems like it would check the provided URL to make sure it is valid. The comment for the function in GenericPlatformProcess.h appears to imply that this is what the function does: "Checks if the platform can launch a uniform resource locator (i.e. [Link Removed])."
Currently the function will return true regardless of whether the URL is valid, or even if random text is passed in (not a URL). The implementation appears to be the same for Mac and Linux as well.
The function simply checks to make sure the value that was passed in is not a nullptr.
The function verifies that a valid URL was provided.
There's no existing public thread on this issue, so head over toAnswerHub just mention UE-54069 in the post.