Using New Outlook on Windows for personal email, calendar, and contact management
In the new Outlook, options for external images can be found at Settings > General > Privacy and data. There is also a button labeled Privacy settings; click it to see more options.
The option for previewing hyperlinks is at Settings > Mail > Compose and reply.
P.S. Other options for linking may be present depending on your version of Outlook and also depending on your type of subscription. My reply here has assumed that this is about hyperlinks in general found in e-mails.