FYI: Triple-tap is for sentences. Quadruple-tap is for paragraphs.
Text selection is the one area that the lack of 3D Touch affects me the most, and I am truly upset about it.
With last year's phone/iOS, you could 3D Touch anywhere on the keyboard and enter a cursor-move mode. This was replaced with the spacebar thing, which is fine.
But then while moving your cursor around in the old version, you could 3D Touch again to select a word, again for a sentence, and again for the paragraph. I could select text so easily! This made deleting sections or copy/pasting bits of edited text sooooo much easier.
Now it's significantly worse. I can move the cursor fine, but then to select text I have to use my fingers to tap on the text directly and it's much more difficult to be precise. (Why? Because I can't see through my fingers, surprisingly. You can see through a cursor just fine.)
Sigh. I'm really disappointed in this change specifically.