Best suggestion I've seen on this:
click events apply to whatever had been in the location ~300ms BEFORE you selected it. Turns out humans can't respond much more quickly than that.
I wish I could credit the source but I don't recall -- HN or Reddit probably.
I'm also still not sure this solves the full problem. On mobile, there's generally the problem that a touch and a drag are two different actions, but they're not clearly distinguished. There's a tremendous amount of ambiguity over just where you can or cannot touch on a given web page to accomplish a click, and increasingly pages have very few "safe" whitespace zones.
Examples coming to mind: Chrome/Android history -- the delete-item 'x' will also open the link in the current browser tab. I've found clearing history to be tedious (there's no way to select multiple items, or a date range, say -- you can only delete items one-at-a-time, and not too fast...). On YouTube/Mobile, the entire panel of a search result is a clickable zone, making scrolling the page without inadvertently opening a video you're not interested in all but impossible.
It's abysmally poor UI/UX in both cases.