Magnifying Glass for Selecting Text

The magnifying glass was replaced a year ago by a much better way to edit. See this Apple support article, which explains how to use the new, improved editing features—>Type and edit text on iPhone - Apple Support

Hold your finger on the cursor. After a second it will get larger, so you can see where to drag it. Or hold the space bar for a second; the whole keyboard them becomes a touch pad for moving the insertion point.

No, you cannot get the magnifying glass back. It has been removed as Lawrence correctly told you. It's gone. It's not coming back. It's been replaced by new gestures, which work great.

Are you learning how to use the new gestures? They actually work really well.