iOS Keyboard & Arrow Keys
With the iPads, you can hold two fingers on the keyboard and move the cursor around by moving your two fingers around.

Additionally, you can double tap you fingers on the keyboard and it will select current word. If you double tap but keep your fingers down on the screen on the second tap, you can use this to select text by cursor position.

On the iPhone 6S, you can actually hard press (3D touch) to move the cursor, rather than using arrow keys in landscape.