Just in case you haven't found it yet - long-press/firm press the spacebar and the whole keyboard fades away and becomes a trackpad allowing precise placement of the cursor.
My iphone has so many features that I didn't know existed until someone showed me how to swipe (last one I learned, 3 finger swipe for 'undo', useful when I accidentally delete some text)
https://support.apple.com/guide/iphone/type-and-edit-text-ip...