To select a cell that contains a hyperlink without activating the hyperlink, click the cell and hold the mouse button down a half second or so. When the pointer changes from a hand to the usual Excel pointer (a white cross), you can release the mouse button.
This click-and-hold procedure does not work for hyperlinks assigned to graphics objects or charts. To select one of these without zooming off to the link target, hold down the Ctrl key while you click.
If you right-click a cell containing a hyperlink, the shortcut menu that appears includes both an Edit Hyperlink command and a Remove Hyperlink command. If you right-click a graphic object or chart that has a hyperlink attached, typically you'll see no such thing. To edit or delete a hyperlink in this case, press Ctrl, and select the object in question; then press Ctrl+K. This keyboard shortcut takes you to the Edit Hyperlink dialog box, which includes a handy Remove Link button. Click the button, and the link is gone.