Currently, Google does not penalize redirects, but it is bad practice and of course detrimental to your UX. It can also indirectly affect SEO by delaying the time to first paint.
If you’re trying to fix rich text content links, then your best approach might be some old-school data processing.
Export your collection as CSV
Use a good code-friendly text editor, with search-replace functionality.
Search and replace the URL in the CSV.
Repeat 4,000 times.
Import your new fixed-up data
If you have a large number of different link replacements, I would recommend you write some bash scripts to do it, using sed to do the search-replace task for you. It’s harder to setup but far more controllable and repeatable as a process.