Does Dynamic Interlinks on a Static Homepage Affect SEO and Link Equity?

I''m managing a homepage where the main content is static, but the interlinks (product and navigation links) change dynamically based on the user's region. Currently, the regional URLs are embedded directly in the source code, which raises concerns about SEO and link equity. I noticed a competitor using a similar approach but without exposing dynamic URLs in the page source code. Their setup appears cleaner and potentially more SEO-friendly. My main questions: 1. Could embedding region-specific dynamic links harm link equity or dilute SEO rankings? 2. Are there best practices to maintain clean source code while dynamically serving interlinks to protect SEO value? I'd love to hear any insights or suggestions. Thanks!