A followup of ckeditor/ckeditor5#4712.
There are 2 possible approaches to unlinking. They could even exist along each other, it's not a big deal:
Pros
Cons

Pros
Cons

I think that unlink feature is rarely used, I guess mostly after someone pasted some contents and then want to remove links. I think that if someone wants to remove a link they want to remove also the text of the link. Since this is very simple UX/UI we can't really go wrong in any case.
I'd go with two toolbar buttons AND unlink button in linking tooltip:
@scofalik You just confirmed that my ideas are right :)
As for detailed unlink mechanism, I'm for adapting the default mechanism from v4:

Yes I did, I just didn't want to go with "+1" :P
my proposal.. change the button link to unlink

Then you can't change the link href.
Well you could by double clicking the button, if selection would appear on whole unlinked text.
Yes, buttons can change dynamically in the toolbar to reflect changes in the content. However only if
Anyway, editing link by placing a selection inside of it with mouse will become another issue I'm preparing at this moment.
hmm.. only one button.. check this out:

@RyszardB Not sure if I got it right. You idea is basically to get rid of unlink button in the toolbar and that's it?
With just one button it will be really confusing that you need to click the _link_ button and then the unlink button in the tooltip to unlink. Very bad discoverability and as you can see here https://twitter.com/reinmarpl/status/766384770284740608 it's VERY dangerous :D.
So, IMO we must have some unlink button visible when you have selection in a link. It can be a toolbar button or a button floating over a link. I believe that the second option wasn't yet mentioned. We could have a small balloon over link (and later over images, tables, etc.) with the most useful options. In case of a link it will be edit link and unlink buttons.
@Reinmar I created a separate issue for it so let's discuss it there and find out what is possible and what is not.
Anyway, whatever solution we finally agree upon, I expect this issue to produce at least a basic (v4鈥搇ike) unlink button in the toolbar in this iteration. This is the minimum goal for iteration3.
Most helpful comment
@scofalik You just confirmed that my ideas are right :)
As for detailed unlink mechanism, I'm for adapting the default mechanism from v4: