That second link will still help you because it will pass extra PR to that page. But in terms of anchor text, most of the experiments I’ve seen show that the second link’s anchor text probably doesn’t help. That being said, Google is more sophisticated than when a lot of these came out so they may count both anchors. But to stay on the safe side I recommend adding keywords to navigation links if possible.
WOW. I consider myself a total newbie to SEO, but I’ve been working on my Squarespace site for my small business for about 3 years and have read dozens of articles on how to improve SEO. So far, this has been the MOST USEFUL and information-packed resource I’ve found so far. I’m honestly shocked that this is free to access. I haven’t even completely consumed this content yet (I’ve bookmarked it to come back to!) but I’ve already made some significant changes to my SEO strategy, including adding a couple of infographics to blog posts, changing my internal and external linking habits, editing meta descriptions, and a bunch more. Thanks for all the time and passion you’ve out into this.