Sublime Text has this functionality where you can select text and start editing each line with a (multiple) cursor:
Another option: with text selected, toggle column selection mode:

The default shortcut to toggle the mode is:
alt-shift-insert cmd-shift-(numpad) *(or Edit→Column Selection Mode)
It's an inconvenient shortcut for Mac, as most laptops have no numpad. I remapped it to cmd-shift-8.
Column selection mode actually has other purposes too: it changes the default behavour when selecting text with the keyboard and mouse. Toggle it off again to return to normal selection behaviour.