With versions from 20150325 and earlier, the following example code 
produced nicely wrapped URLs. With current betas, the URLs do not wrap.

(Perhaps this is what Wolfgang meant when he wrote, in a reply in the 
thread _Turning off French character spacing_:

    The \url and \hyphenatedurl need to be fixed

but I do not know that for sure.)

    \setupinteraction[state=start]
    \starttexdefinition href #1
       \goto{\hyphenatedurl{#1}}[url(#1)]
    \stoptexdefinition
    \useURL[aUrl][https://Some.awfullylong.net/url_with_lots_of_places_to.html?make=a_reasonable]
    \useURL[bUrl][https://Some.awfullylong.net/url_with_lots_of_places_to.html?make=a_reasonable][][\hyphenatedurl{https://Some.awfullylong.net/url_with_lots_of_places_to.html?make=a_reasonable}]
    \starttext
    goto href macro:
    \href{https://Some.awfullylong.net/url_with_lots_of_places_to.html?make=a_reasonable}\par
    useURL without hyphenatedurl \from[aUrl]\par
    useURL with hyphenatedurl \from[bUrl]\par
    \stoptext

-- 
Rik Kabel