This functionality exists in ArcPro but can currently only be accessed though the "List by Selection" tab as opposed to the former "List by Drawing Order" tab. Having to switch to a different tab makes it less efficient to be able to perform this task and at least doubles the amount of time and mouse clicks it takes to perform the same function. In addition the new location of the function is not even nested in the Selection options in the where it has been located previously which is less intuitive to veteran users of ArcGIS.
For editing data and general feature selection, I suggest to add this functionality back to the "Drawing Order" of Contents Pane nested in the "Selection" options. I'm not sure about others but in my daily work, I rarely wish to have more than 1 layer selectable at a time and like to be able to switch between selectable layers often.
This idea is being posted to as a follow up to this thread: