Adobe Premiere Pro - How do I select a Region in the Timeline using Mouse
Not sure it can do exactly what you're asking for.
Nearest I can think of is selecting the razor blade tool (or press  C).
Making a cut using the mouse on your region, then switching back to the selection tool (or press V).
Then selecting your region, and adjusting the ends if necessary by floating over them, then dragging.
(In and Out points are massively useful when you get into more complex edits.  There's a reason most editing software uses them - they're worth learning to use).