You can do this in a roundabout sort of way without any 3rd party software. First, go into System Preferences > Keyboard > Shortcuts > App Shortcuts
What you want to do here is assign a shortcut to what Chrome currently does with that key combination. This does depend on Chrome revealing the shortcut in a menu though. And as I don't have Chrome installed I can't confirm this. Find the menu selection that does the unwanted behavior and note the exact name (capitalization & punctuation matter!) of the menu option to do what the keyboard shortcut does that you don't want.
- Tap the "+" button and select Chrome from the Application menu.
- Type in the menu wording in the Menu Title box
- Click in the keyboard shortcut box and press a keyboard combination that you would never use.
- Click Add
- Do the same for the other shortcut. You'll have two here one for the forward navigation and one for the back navigation.
Once you have done that you may need to quit and re-launch Chrome and test to see if the Mac-native shortcut for text selection is working now.
Note that this method does not work in all apps and it does depend on the app exposing the keyboard shortcut in a menu so you can change it.
Failing that an app like Karabiner-Elements may be able to pound Chrome into submission and get the result you are looking for.