There’s a belief that Google tries to understand a website’s content through its backlinks (anchor text, surrounding text, the entire page’s text, and url). This might be part of link ranking: Google has expectations for what a page’s content should be based on the link, and there’s the actual indexed content of that page. If the expectations differ significantly from the actual content, Google might reduce the link’s value. This is just a THEORY.
Therefore, it’s a good practice to restore the content that backlinks are pointing to, ensuring it matches the anchor texts and the content of the referring pages.
Alternatively, you can create new content that meets the same criteria.