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An error occurred while saving the commentBen commented
I can re-iterate what Anon said below:
"What worked: removing the Document Fonts folder (for a packaged indesign document) so no fonts were loading from the packaged Document Fonts folder. If even 1 font is still in the folder I get the problem, which also includes extreme lag when switching into or out of the text tool and selecting text."
Bizarre, but sure enough I was working in a file that was from a packaged ID folder. I already had the fonts installed so I could remove the Fonts folder from the Package with no problem. Now Type tool is selecting with the shortcut and staying selected :)