The following workflow is applicable to both the Node Editor and the Hypershade.
You can drag on a connection line to break and recreate a connection.
Reconnecting an output to a different input
- Drag on a connection line from the input side to disconnect it, and reconnect it to a different input.
Reconnecting an input to a different output
- Drag on a connection line from the output side to disconnect it, and reconnect it to a different output.