Unfortunately I have to don’t have time to write an explanation just now but here is a version that works for me, if I understand your ask:
image = Div(text=select.value)
def update_image(url):
image.text = url
select.on_change('value', lambda attr, old, new: update_image(select.value))
box = column([select], width=300, sizing_mode="fixed")
layout = row(box, image, sizing_mode="stretch_both", name="resize_test")
curdoc().add_root(layout)