There was a great jailbreak thing that predated this (and force touch) where you accessed the caret-placement mode by swiping across the keyboard. It was really great, and it never failed, which happens a lot for me with Apple's force touch implementation - I end up pressing harder and harder with no effect, until I have to give up and accept some random character getting inserted, then delete and try again. I think I had that jailbreak mod on an iPhone 4s.
Oh my god, thank you for telling me about this. I just upgrade from a 6s to a SE and I've dearly missed being able to move the cursor around with force touch (the only useful force touch feature.) Just checked and holding the spacebar works great. Thanks!
I never knew about this feature. This is great, thank you both! Now I just need to get used to using this feature. I jumped a bit back and forth while writing this comment and found myself reflexively using the old way, but with a little bit of time and deliberation I am sure that I will soon be using either the spacebar or force touch without having to think about it :)