Reddit doesn't universally prohibit NSFW content, and already has to remove links to it or assure that it is properly flagged, depending on the particular sub, so I don't think the NSFW side really changes things.

In the copyright side, hosting vs. linking has both similar risks and similar DMCA protections around user generated content, so while they'll probably have a higher volume of complaints when they are both the link venue and the source host, I don't think that fundamentally changes anything, either.