Here is a MWE that doesn’t do what I want:
\documentclass{article}
\usepackage[colorlinks=true,citecolor=magenta,urlcolor=cyan]{hyperref}
\begin{document}
Let's quote \emph{Einstein} \cite{Einstein:1905a}.
\newpage
\begin{thebibliography}{W00}
\bibitem[\href{https://einsteinpapers.press.princeton.edu/vol2-doc/311}{E05}]{Einstein:1905a}
Albert Einstein,
\newblock Zur {E}lektrodynamik bewegter {K}"orper.
\newblock \emph{Ann. Physik. (4)} \textbf{17} (1905) 891--921.
\end{thebibliography}
\end{document}
Desired behavior: In the text (page 1) the label E05 is an internal (magenta) hyperlink to the bibliography entry. Whereas in the bibliography entry itself (page 2) it is an external (cyan) hyperlink to princeton.edu.
Obtained behavior: Both are external (cyan) links to princeton.edu. (When hovering the first link in Skim.app I still see that it wants to point to the second, but clicking it sends me to princeton.edu.)
Question: How do I obtain the desired behavior instead?
Note: I know very well how to obtain the desired behavior using biblatex. My problem is, I have a coauthor who insists on using a manual bbl. (Also, journals don’t like biblatex.)

biblatexdoes not necessarily mean that the same thing is (easily) possible with the standardthebibliographyor with BibTeX: they are very different systems.) – moewe Jul 12 '20 at 15:47