Thanks @zayduk, I have disabled "Show suggestions before typing" and now the address bar is selectable!

Thank you once again!

You can turn that off by clicking on gear icon in address bar

or in settings / basic / Enhanced address bar

PS Selecting text in the address bar while typing still does not work.

I can confirm the same behavior on 110.0.5130.49 on Windows 10.

I am attaching link to video where I try to select text in the address bar: https://youtu.be/1QGe6Ab0Ibk