So thanks in no small part to this stack Q&A I discovered a key missing ingredient. The workbook reference. It also turns out that indirect is not needed so apologies for leading you astray in the comment section.
Now assuming dropdown 1 is in A1 and dropdown 2 is in B2, and all the #/1, #/2, #/3 and #/4 are in column A on their respective sheets and that the last digit represents row number, you could use the following:
=HYPERLINK("#'"&A1&"'!A"&RIGHT(B1))
or
=HYPERLINK("#'"&A1&"'!A"&RIGHT(B1),"Follow me")
now if you don't know what row the #/1 to #/4 are in, but you know what column they are in you could modify the cell address to:
=HYPERLINK("#'"&A1&"'!A"&MATCH(B2,INDIRECT("'"&A1&"'!A:A",1),0))
What had me tripped up is you need to include the work book name in the hyperlink and that # will represent the workbook you are in. It the hyperlink does not work for you, make sure you save the workbook at least once. If the hyperlink does not work for you after changing sheet names, filename, or filepath, make sure your right click on your hyperlink cell and select remove hyperlink. That last step will remove a hyperlink that is created in addition to your formula that seems not to update when things change. Your formula hyperlink will work regardless as it is part of the formula and not the cell property so to speak.
INDIRECTformula