The technical term for a traditional VFD (variable frequency drive)is a converter, meaning; an AC supply is rectified to a DC and then the inverter section provides the switching function (typically a PWM- Pulse width modulation) to recreate an AC waveform that can be controlled. As described above. The DC link is simply that, a link between a rectifier and an inverter.
So, in essence, an inverter hangs on the DC link. In drive systems where you have one large rectifier (controlled or uncontrolled) you can feed multiple inverters from this DC supply. This is called a common DC bus drive. In applications such as paper or steel, you can have driven loads or regenerating loads on the same bus. As long as you do the correct engineering to size it correctly. This is when the drives business gets fun.
On a traditional converter (VFD), you will have capacitors hanging onto the DC bus required to smooth out the supply and sometimes DC link reactors to provide additional smoothing and minimising harmonic distortion.
For a VFD, measuring the voltage on the DC bus is the means to understand if the unit is functioning correctly; both for rectification and also in the event of any regeneration (if on an uncontrolled rectifier). So, typically on all vfd's, you will have terminals that can be used to measure the dc voltage.
Likewise, on some but not all drives, you will have some means to dissipate regenerated typically via an additional transistor connected on the DC bus that monitors the DC bus voltage and if it reaches a level that would usually cause the drive to trip, it 'dumps' the excess into a series of resistors that can be connected onto the DC bus.
So, there are plenty of things that can be connected onto onto the DC link, as long as it is not fingers. That would hurt.
I use the term "traditional" throughout because there are many different topologies these days for a 'drive'.