Yeah, that has to be my favorite use-case for the force-touch on iOS. The way text selection works on iOS has never felt that smooth, but force touch takes away some of the worst pain.
Shame it’s got zero discoverability. Most people I know are surprised when I show them that. It also has quite a steep learning curve for some. Plus, some of the more advanced useful stuff is pretty hard to use - for example, did you know you can switch to text selection by “pulsing” your finger twice while pressing the keyboard?