Moving cursor thru text via iPhone keyboard (not just the spacebar)

Where is the setting that permits a hard press of two or more keyboard characters to move the cursor through the body of text?

My iPhone Xs (T-Mobile) is capable of moving the cursor as described above. However, my iPhone 12 (Verizon) and my new iPhone 14 Pro Max (T-Mobile) can only move the cursor by use of initially holding down the spacebar. All are running 16.1.1 I can get used to this but prefer that the feature is accessible via the keyboard as a whole and not just the spacebar.

I did not find a thread related to this specific question after a review of the top 40 of the 600 threads that came up from a search of "move cursor" for iOS. After the 1st 20 threads, the relevancy dropped off considerably. I also searched "cursor" and "move cursor" in the iPhone Settings menu.

Thank you, in advance, for any information that sheds some light on this feature that I have found very helpful and intuitive.