If a link is not indexed, it may not contribute directly to your website's visibility in search engine results pages (SERPs) or its search engine ranking. However, that doesn't necessarily mean the link is unimportant. Here are a few considerations:

1. Potential for Indexing: Just because a link isn't indexed immediately doesn't mean it won't be indexed in the future. Search engine crawlers constantly revisit websites to discover new content and update their indexes. Therefore, there's still a chance that an unindexed link may eventually be indexed.

2. Crawlability and Discoverability: Even if a link isn't indexed, it can still be crawled by search engine bots. This means that search engines can follow the link to discover other pages on your website. While the specific page linked to may not appear in search results, the link can still contribute to the overall crawlability and discoverability of your website.

3. Referral Traffic: Unindexed links can still generate referral traffic if users click on them from other websites, social media platforms, or other online sources. While this traffic may not directly impact your search engine ranking, it can still bring visitors to your website who may explore other pages and contribute to engagement metrics.

4. Relationship Building: Links play a crucial role in building relationships with other website owners, influencers, and industry authorities. Even if a link isn't indexed, it can still serve as a signal of credibility and authority to human visitors and potential collaborators.

In summary, while indexed links are more directly beneficial for search engine optimization (SEO), unindexed links can still have value in terms of crawlability, referral traffic, and relationship building. It's always beneficial to aim for indexed links, but don't discount the potential value of unindexed links in the broader context of your website's online presence.

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