Alt+clicking in a checkbox in the TOC's list by selection view works wonders when it works; however, it doesn't function quite the same as R click > 'Make this the only selectable layer.' The R click route works 100% of the time whereas the alt+click route only shuts off ungrouped layers. It works for turning off groups in list by drawing order, though. It doesn't seem possible to exclude grouped layers by clicking that layer's checkbox, either - it's a filled in square that doesn't react to a click.
This Idea has been implemented in ArcGIS Pro 3.1. Please see the What's New documentation for more new features in Pro 3.1.
The Ideas in ArcGIS Pro 3.1 blog will be wrapped up soon. Once complete, I will add the link to this comment.
@AmeliaBradshaw are you sure? When I Alt+Click the box for my Open Space layer, I still have other layers remaining selectable, and I can't batch uncheck the group.
Same with annotation layers -- they stayed selectable.
(3.1.1)
When working with grouped layers, it looks like this is what was added:
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