just hijack it,

func swizzle() {
    guard let cls = NSClassFromString("UITextSelectionView") else { return }
    let originalSelector = NSSelectorFromString("updateSelectionRects")
    let swizzledSelector = #selector(UIView.updateSelectionRectsHijack)
    let originMethod = class_getInstanceMethod(cls, originalSelector)
    let swizzleMethod = class_getInstanceMethod(UIView.self, swizzledSelector)
    if let swizzledMethod = swizzleMethod, let originalMethod = originMethod{
        method_exchangeImplementations(originalMethod, swizzledMethod)
    }
}

extension UIView{
    @objc func updateSelectionRectsHijack(){ }
}

swizzle() should be call once only.

How I know UITextSelectionView ?

Check View Hierarchy,

How I know method updateSelectionRects ?

via runtime,

import ObjectiveC ,

then,

        var count: UInt32 = 0
        guard let methodArr = class_copyMethodList(NSClassFromString("UITextSelectionView"), &count) else { return }
        
        let cnt = Int(count)
        for i in 0..<cnt{
            let method = methodArr[i]
            let name = method_getName(method)
            if let type = method_getTypeEncoding(method){
                print(name, String(utf8String: type) ?? " _ | _ ")
            }
        }

You can also hijack, like this

let hijackInvocation: @convention(block) (Unmanaged<NSObject>, AnyObject) -> Void = { objectRef, invocation in
    
}


func swizzle() {

    guard let cls = NSClassFromString("UITextLoupeInteraction") else { return }
    let originalSelector = NSSelectorFromString("loupeGesture:")
    let originMethod = class_getInstanceMethod(cls, originalSelector)
    if let originM = originMethod{
        let encode = method_getTypeEncoding(originM)
        class_replaceMethod(cls, originalSelector, imp_implementationWithBlock(hijackInvocation as Any), encode)
    }
}

swizzle() should be call just once.

what is UITextLoupeInteraction ?

from @dengST30's answer.