[danlitt]

together with its programmatically determined link context really is the operative phrase in this quote. I would encourage you to actually read the examples on the page you link to - several of them announce just one or two words.

[burningChrome]

OP's comment addressed that:

The problem here is that the screen reader will just read the link text and not the contract around it.

I would encourage you to read OP's comment first?

[danlitt]

I'm not sure what you mean now. Did you intend your quote from the WCAG to support OP's point, or to indicate that the screen reader has a bug?