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this is why they offer 2 different models: If you link an account you merged beforehand, you will then override all other accounts with it. Clans are unaffected by the merge, so as soon as you link the merged account, you may loose all other accounts and everything related to them, including Clans!...
...but if you simply merge all inventories on one account, all other clans and their respective clan leader accounts or even those account's clan membership still exists! This is why a Merge doesnt include an account Link, these are 2 extra steps, because you will override a lot of stuff with an account-link.
TL/DR.: A merge will combine all accounts on one platform and nothing else. A Link will override accounts, so you can have a Master Account for all platforms, BUT only accounts you wish to override are affected by this, you have to choose all affected accounts manually for an Account-Link!... so you dont loose clans or progress!
therefore a Link is also not time-limited. you could theoretically create a PSN account in 3 months and link your PC Master Account to this super empty account and it will suddenly share the same progress, no matter what platform you play on, they are linked forever then and no matter where you progress this account, it will be progress for ALL accounts you linked!... only a merge is time-limited! A Merge is only eligible for older accounts.