Mod-l is in the default keymap as the shortcut for select line. It is also a Chrome/Safari/FireFox shortcut for selecting the address bar.
There are a couple of other shortcuts in Chrome on Windows (Alt-d, F6) but it’s the only one that works in Chrome on macOS. If you are in the habit of using it to navigate then the CM feature can break your navigation workflow. A keyboard-oriented user would have to tab out of CM first.
This is all configurable and it’s hard to find shortcuts that don’t clash with something, but I thought the default might be worth discussion if it hasn’t already come up.