You can select text this way too; once it’s in “trackpad mode”, tap the keyboard with another finger, and it will start text selection.
1. Long-tap with your right thumb, drag the cursor to the end of a sentence 2. Tap with your left thumb (to the left of your right thumb) and drag to the left to select the sentence -- nothing happens 3. Drag your right thumb to the right to make sure you understand what's happening and you're doing it right -- the selection extends, yay! 4. Again try dragging your left thumb -- nothing happens.
How could Apple's human interaction people let this ship?!