Chrome Dev Tools is a valuable feature for web developers and testers to debug cross-browser compatibility issues. It provides various tools such as finding an element, adding and editing CSS elements directly, changing the position of elements, locating CSS properties in sources, taking screenshots of an element, and more. These features help improve testing efficiency and ensure better cross-browser compatibility. Chrome Dev Tools can be accessed through different methods like right-clicking on the screen and going to Inspect or using keyboard shortcuts.