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