As an Apple developer and iPhone user since the 3S, these issues are baked into the OS. That you haven't experienced them speaks to your particular usage. Editing and selecting text has been a longstanding problem with improvements and regressions. As another commenter said, it's a huge annoyance.

Try selecting multiple paragraphs on a website, for example. The behavior is generally unpredictable and requires lots of fiddling. Deselecting text requires yet more work. Double-tapping a word should select the word itself, but that's often not the case. And it's not just websites where the DOM adds complexity; the same erroneous behavior exists for native apps.

For example, open an iMessage text and paste one or more images. Now go back and try to edit existing text. Or add new text. Moving the cursor and text selection is non-deterministic and requires scrolling and fiddling, manually adding line breaks, and then removing them just to get the formatting correct.

In other words, as the OP mentioned, text editing has been problematic on iOS/iPadOS for ages. Interestingly, VisionOS, which perhaps has the most challenging input and editing environment, has managed to resolve many of these issues.

While initial VisionOS releases were buggy and nearly unusable, it's rather striking that you can now use your eyes to move and edit text with more precision than what's possible on iOS/iPadOS--which tells you how much room there is for improvement.

iOS 16 and I've not used a spell checker for years because it kept correcting my swearing & slang to something I didn't want to say. I did read your comment fully. I replied because I had personal experience that contradicted yours. The "it doesn't place the cursor beside the word I want" gets me a couple of times a week for a couple of years.