Itâs still possible, Iâve just tried it.
Usually, you tap somewhere in the message, wait until you see the magnifying glass/cursor bubble, and then itâs possible to move the cursor to the desired word/letter.
2nd method:
Tap the spacebar on the onscreen keyboard and hold it for a moment. When the letters disappear, youâre in trackpad mode, and itâs possible to direct the cursor wherever you need it.