It's not common knowledge, but you can package a CEP extension into a .zxp file and debug it 'in-circuit'.
In other words: install the .zxp file using the standard extension installers, and then connect to the running extension using the Chrome debugger, without needing to set the CEP debug flag.
More info:
https://coppieters.nz/?p=862
PluginInstaller:
https://tgrg.net
CEPSparker:
https://github.com/zwettemaan/CEPSparker