It is the natural and best way to do so. You press hard and the cursor moves freely like a mouse pointer, put it where it should be and release. Along with haptic feedback, it's a must have once you start using it. Really beats the magnifying glass method.
An interesting fact is that it's actually a Post 3D touch feature. It should have been possible to do it all the years. But the feature only had been introduced with iOS 12, after the first phone without 3d touch (iPhone Xr) after some years had been released.
I would have been useful for devices like the iPhone SE too.
