This was changed, and it is pretty easy to think the feature got removed.

When it was pressure-sensitive, you could push harder anywhere on the keyboard. But now that it’s tap-and-hold, it only works on the space bar. Most other pressure-sensitive actions just got replaced with tap-and-hold with no changes. But doing that on any other key brings up letter-specific accents, so they moved it down to spacebar.

It also used to be faster. Now you have to wait, but before it was pressure sensitive. You could trigger it instantly with more pressure. Edits were so fast and convenient, but now it’s a slight pause each time

You can still tap and hold in the text itself to bring up the magnifying glass gizmo, but yeah the experience is awful