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With VSCode 1.43 (Q1 2020), those Alt+← / Alt+→, or Ctrl+- / Ctrl+Shift+- will also... preserve selection.

See issue 89699:

Benjamin Pasero (bpasero) adds:

going back/forward restores selections as they were.

Note that in order to get a history entry there needs to be at least 10 lines between the positions to consider the entry as new entry.

Go back/Forward selection -- https://user-images.githubusercontent.com/900690/73729489-6ca7da80-4735-11ea-9345-1228f0302110.gif