As of 11.3 this is still an issue. Following the suggestion of @KellenMyers in the comments above, I altered my KeyEventTranslations.tr file (located in "$InstallationDirectory/SystemFiles/FrontEnd/TextResources/X/" in the Linux distribution) in the following manner to obtain the desired behavior for InputAliases and InputAutoReplacements with \[SelectionPlaceholder] OR \[Placeholder] in their expressions.
Commented the default:
(*Item[KeyEvent["Escape"], "ShortNameDelimiter"], *)
and added:
Item[KeyEvent["Escape"], FrontEndExecute[{FrontEnd`NotebookWrite[FrontEnd`InputNotebook[], "\[AliasDelimiter]"],FrontEnd`FrontEndToken["Tab"]}]],
Item[KeyEvent[" ",Modifiers->{Shift}], FrontEndExecute[{FrontEnd`NotebookWrite[FrontEnd`InputNotebook[], " ", Placeholder], FrontEnd`FrontEndToken["Tab"]}]],
Note that Shift+" " is introduced to execute InputAutoReplacements with automatically selected Placeholders, whereas just " " will give the usual behavior with the cursor placed after the expression.
If the InputAlias or InputAutoReplacement expression involves more than one Placeholder, note that:
Caveat 1: these modifications will select the last one, independently of whether you use \[SelectionPlaceholder] or [Placeholder].
(In this sense the \[SelectionPlaceholder] problem is still unresolved...)
Using Tab or Shift+Tab you can move as usual through the other placeholders.
Caveat 2: also, if you need to introduce esc+chars+esc combinations in one Placeholder while other Placeholders are available in the expression you will have to reposition the cursor after the first esc+, as the Tab in its definition will immediately select the next Placeholder before you can introduce the remaining chars+esc.
I should note that all my other definitions in this file of the form
"Item[KeyEvent[key, Modifiers->{mods}], FEaction]"
where FEaction involves \[SelectionPlaceholder] and \[Placeholder] always behaved as expected in the FE.