First of all, to the OP, maybe not for the leet kids, but I absolutely find large amounts of text input on a phone to be a pain. I can do it if I’m away from a computer and have to, but I don’t enjoy it and it takes more time and requires a lot of concentration.
As for cursor positioning, holding down the space bar on iOS works pretty well—although it took me a few years to learn about it.
I do think text editing could always be better and I actually think it’s a pretty broad use case. I’m also not convinced mobile is easily adapted to it, especially without really good text input [probably speech] which also isn’t suitable in a lot of situations.