Can the onscreen iPad keyboard move the cursor?
Solution 1:
If you tap and hold with 2 fingers on the software keyboard it turns it into a touchpad-like view which you can drag around on to control the cursor.
Solution 2:
I'm not sure about arrow keys, but one thing that may help with getting the cursor placed is to tap and hold and a bubble will appear above your finger showing you where the cursor is, you can then drag that around until it is in the correct spot. It's a little bit better than trying to accurately tap to place the cursor.
Solution 3:
You can find 3rd party keyboards with arrow keys, e.g. ProType.
Solution 4:
If you use the GBoard keyboard, you can move the cursor left and right by pressing and sliding over the space bar.
Unfortunately, I'm not aware of a feature in GBoard to move the cursor up and down.