[Question] Does grapejs provide variable selection in the UI

There is no such a built-in feature but you can easily extend grapesjs for it. If you're looking for the usage of variables during the text editing this snippet might help you.

You can also make use of Blocks to create draggable variables, eg:

editor.BlockManager.add('my-var-block', {
  label: 'Simple variable',
  content: '{{ SOME_VAR_EXAMPLE }}',
});

or even mixing them with custom Components to display variables differently inside the canvas. Quick example https://jsfiddle.net/jhf0rsbj/

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