The iOS 13 text selection is a step back in terms of usability.
Touch input has always been a core part of what makes iOS great. The software was aware of the user input being fingertips and understood that they are not pixel-perfect pointer like a mouse cursor. That's why we can easily increase a tappable area with button content inset, have character preview on keyboards, and magnification loupe for text selection.
The design team at Apple most likely did their research to justify removing such a defining iOS feature, but as someone who considers themselves as a "power user", it's hard to imagine how others will cope with this change.