I keep having the same problem. It helps somewhat if I am sure to save the file right before I use the select color range slider, but not all of the time. There is no spinning wheel of death, Photoshop just locks up and I have to force quit it. The other odd thing is that Photoshop seems to lose record of the most recent file worked on, so I have to look for the crashed file again in my folders. SOMETIMES Photoshop does recover the crashed file when I reopen it, but not all the time. This started happening right after I updated to BigSur. Never any problems before that and I used the tool regularly.
I'm also getting the same problem as of 2nd February. 2021 It's infuriating given the repeated crashes I experience with Premier. I decided that if I start working in Photoshop and I get the same constant crashing I will cancel my subscription.
All I want to do is remove a simple greenscreen but the slider on the select colour pane crashes every single time without fail. Can anyone at least recommend a way of selecting a greenscreen colour that doesn't involve the clearly broken colour select tool in Photoshop.