Simply include GSAP & the GSAP CSS Plugin, change myBtnSelector to a CSS selector of your choice, and enjoy.

circleHoverAnim.js

const myBtnSelector = '.wp-block-button__link'

const initFancyButtons = () => {
	$(myBtnSelector).prepend('<span class="circle"></span>')
	$(myBtnSelector).each( function() {
		const $circle = $(this).find('.circle')
		$(this).on('mouseenter tap', function( evt ) {
			const $target = $(this)
			const x = evt.clientX - $target.offset().left
			const y = evt.clientY - $target.offset().top
			const tl = gsap.timeline()
			tl.set( $circle, {
				x: x,
				y: y,
			})
			tl.fromTo( $circle, {
				background: '#F49301'
			},{
				scale: $target.outerWidth() * 2,
				background: '#ffffff',
				duration: 0.65,
				ease: 'none'
			}).to( $circle, {
				background: 'transparent',
				delay: 0.15,
				duration: 0.25,
				ease: 'none'
			}).set( $circle, {
				scale: 1
			})
		})
	})
}

initFancyButtons()