Does this just stash the URL del.icio.us style, or does it actually archive a copy of the page contents for me? I stopped using the former before it even went defunct, because link-rot made the whole concept of saving links effectively useless.

Consider using the Markdownload extension to save clean content formatted as markdown (.md) files to your PKM of choice.

Firefox / Chrome: https://github.com/deathau/markdownload

Safari on MacOS: https://apps.apple.com/us/app/markdownload/id1554029832?mt=1...

For iOS, use Toolbox Pro for Shortcuts and search for or create a Safari to Markdown file stored in the PKM's inbox. (Or Orion browser with extensions.)