New iOS 17 - cursor inaccurate, does not let me edit texts and emails

Is this happening to everyone? When I am typing a message or email and need to go back to make a correction (often because the new iOS has incorrectly auto-corrected a word) the cursor will not allow precise placement - it simply highlights whatever word is closest to where I placed the cursor, and I must either delete that word, fix the error, then retype in the deleted word, or click around trying to get the cursor to simply land somewhere without highlighting.

Long-pressing and moving the cursor manually no longer works, it only highlights the word so I can’t edit it, I can only erase it or copy it. It’s so frustrating and time consuming to type anything!