Is it possible to run a bookmarklet on Chrome by selecting it from the bookmark?
TL;DR Either wait for the Chrome for Android team to fix it or find a browser which supports it.

I found this issue ticket for Chromium (base code of Chrome/Chrome for Android/ChromeOS) which was opened in 2015 for the Android platform: 

Issue 480010: Enhanced bookmarks do not support javascript bookmarklets

The gist is that: 


  This is tricky because on phones BookmarkActivity sends intent to Chrome to launch the bookmarked url, and currently ChromeLauncherActivity rejects javascript urls.


https://bugs.chromium.org/p/chromium/issues/detail?id=480010#c11

Based on older comments the bookmarklet feature existed in a prior version, but disabled since then.