I re-read the spec about links and code spans, and I think it is unclear about a precedence, and it does not include code samples on this topic.
It explains that code spans have higher priority than links.
However, as I can see in commonmark.js dingus, it is true only for link text.
For inline links, link target and link title have higher priority than code spans:
In this example, this is a link + “o`” text, not code span. This is not mentioned in the spec (if I am wrong, please correct me).
And for reference link, intersection with code spans is not processed correctly, as it is shown in my previous message.