If you want to rename an element in the structure panel and get it to highlight the entire text, you can delete the text and and then write your own text.
If you try to rename by hitting backspace, it is just putting the element name right back.
The issue I have with it is that it fights with you while you are trying to erase the text to put your own. If it must have a label, the putting the name back should happen when you click off the button and the label is empty, not while you are trying to rename it.
See screencast on FaceBook post in Bricks Group: https://www.facebook.com/reel/1153999245667873