Making sharepoint Url Clickable

Can't you just click the actual link instead?

This is a file that's located on the server's file system. Microsoft definitely doesn't recommend changing this file for the following reasons:

1. Having multiple web front ends means you will have to change the page layout on each of these servers. If the different servers are using different files on their file system, different users will get different results depending on which web front end server they're connecting to.

2. Changes will get overwritten in SharePoint patches

My solution would be to edit the site's masterpage instead. Create a copy of your masterpage called "Seattle_customized" and add the following piece of code anywhere in either body or header tag.

<script src="//ajax.googleapis.com/ajax/libs/jquery/1.11.1/jquery.min.js"></script>
<script type='text/javascript'>
    _spBodyOnLoadFunctionNames.push("MakeListEditUrlClickable");

    function MakeListEditUrlClickable()
    {
        if(location.href.indexOf('_layouts/15/listedit.aspx') != -1)
        {
            var ele = jQuery("th:contains('Web Address')").next()
            var text = ele.text().trim();
            ele.html('<a href="' + text + '">' + text + '</a>');
        }

    }
<script>