In the future, the new WordPress page builder will have this option built into the page builder. But as we are using the existing editor it doesn’t have it and the plugin is no longer supported or working.
For now, if the entire post is sponsored.
You can set the entire post to tag every link in it as sponsored by doing this:
Go into the Post.
Scroll to the Yoast SEO Settings.
Then Select Advanced.
Select No for the “Should search engines follow links on this post”. Thereby, setting a “no follow” attribute to the links indicating that they are sponsored.
Then Select Update for the post.
Here’s the Yoast article that explains it in more detail.
If you have an individual link that should be marked sponsored or no follow here are the instructions for that.