Welcome to the Airtable community!
It is possible, but how you do it depends on the setup of your base. If the product IDs are the primary field value in the linked table, you can copy/paste the long text field to the linked text field to make the links. Or you can use an automation to update the linked record field with the value from the long text field.
If the linked table has a different value in the primary field, this can be done with scripting, or possible with a third party automation tool.
If the long text field is a comma separated list of primary field values, you can copy/paste the values or use an update automation.
If the long text field is a comma separated list of Airtable record IDs, you cannot copy/paste the values, but you can still use an update automation. However, the examples you gave are not Airtable record IDs. Airtable record IDs stare with
rec and are followed by 14 alphanumeric characters.