Well, it's a bit weird.
I got it to work by putting the target's Alias in the hyperlink's Notes.
Then when I cleared the Notes field, the link still worked. Which it shouldn't at that point.
The link is actually named "$uicmd=MenuCmd;param1=ElementUsage;param2=", so I tried putting the target GUID into the name as param2, and that also worked once, but then I fiddled with some stuff and it stopped working.
So there's something going on, something's getting cached or stored in
the elephants' graveyard t_xref or something. On the plus side, GUIDs work, so you can make the reference unambiguous.
At the end of the day what this does is call good ol' element usage, aka Find in Diagrams. If the referenced element exists in one diagram, that diagram is opened and the element is selected; if the referenced element (or instances of it) is present in more than one diagram, you get a selection dialog.
In the OP I omitted that I wanted this in a hyperlink in a Notes field, not a standalone one. I tried it in the context of a Notes field, but there is then no way to access the details of the hyperlink.
So while you can create an EA Command / Element Usage hyperlink in a Notes field, when you click it, you get element usage for the element whose Notes field the link is in. Also, it only works once and then the link is vaporized. Single-use hyperlinks -- what a concept.

So functionally, this would be close enough for my needs. However, the stability issues make me wary of using it.
Thanks all for your efforts.
/Uffe