This is absolutely correct, the text selecting/editing behavior on iOS 17 is unbearable. I remember reading a review or watching a video where someone said this is the type of problem that if Steve Jobs was still around would not exist after one or two minor updates, and I agree.

Its as if there aren’t real people at Apple actually using and testing what they release (although I know that’s not the case) For now my work around is long pressing the spacebar to get the cursor to where you want. :(