It’s only a few characters wide, so you can’t edit large text in small input, such as… the URL, the most frequent usage of editing text on mobile. Along with tasks in the TODO app, typing a text message.
It’s only awful BECAUSE Apple is persuaded that we have fat fingers.
But I have kept a very old iPad from the pre-force space bar, and lightly touching any word would simply put the cursor between letters. Modern-day iOS selects the full word as if I had fat fingers.