Not by default, and it's not a neat and tidy solution, but you can rebind keys as a result of inputing other keys in neovim via a callback (and edit the statusbar ofc to display said selection mode)

This, alongside the use of a variable means you can, in fact, build your own selection modes! Likewise, nvim does have a seperate select and visual mode.

This is primarily designed as an option to replicate the more traditional shift+movement selection and type to replace functionality of something like vscode or notepad, however it can be exploited as an additional layer for storing keybinds in a pinch