Hi there,
Enabling preferences for Text & Images selection with hand tool, is a design behavior and it should work accordingly. For me its working.
Would you mind checking the status of your Security (enhanced) setting under preferences? Open Acrobat>Edit>Preferences>Security(enhanced)>Protected View and Enhanced Security is it disable or enabled?
Turn it on if its set to off and check back after rebooting Acrobat.
Thanks,
Akanchha