If you want iTerm2 to behave similar to macOS in terms of text editing experience, you can enable "Natural text editing" property. It replaces default key mappings with macOS-like ones.
To enable natural text editing, go to
Preferences (you can use ⌘ + , shortcut), then go to
Profiles section, then
Keys tab, then
Key Mappings tab. There you can find
Presets... dropdown with this option.
Now you can use macOS-like navigation, for example - move a word backwards using ⌥ + ← or delete a word using ⌥ + ⌫.
Tested on iTerm 3.4.10