I want to know the exact uses of linking layers in Photoshop CC. Can we use it to update multiple layers in one go? For example, if I link several text layers, and want to change the font details of all of them, can I do them at once when they are linked?
Linking Layers only has one real benefit over Grouping - Layer Order.
For most purposes you're better off using Groups in my opinion this way you can rename the group and collapse it in your layer panel.
However, with Groups all entities must be stacked. With Linking that isn't the case. You can have a layer at the very top of your document linked with a layer at the very bottom of your document:
Not a common thing to need but it's there for the times you do. When I see people linking layers that are right next to each other, or don't even really need to be linked, it just annoys me (if I have to work with the file).
Can type be linked?
No, this will not link text unfortunately. Well let me rephrase Yes you can link text but it's only for movement/transformations not to change the color or font as you were hoping. Part of that is because Photoshop is not a Text Editor. It's better done in InDesign. Though with how Photoshop is used for Web Design mockups these days you'd think they'd add some more features. That said you can
Ctrl Click to select multiple text layers and then adjust the font at one time that way:
Or on the top of the layers panel there's a search icon and a drop-down. Select kind, then click on the text icon (the big "T"). this way only the text layers will be shown in your layers panel and you can easily select any of those or all of them. But yes I would still like a feature where you can have one master text layer and link the font properties to other text layers, at this point I'm not sure if it's doable in photoshop.