My initial impressions of iOS 13.4’s trackpad pointer control with Drafts is that it works quite well. The pointer changes smoothly from circle to vertical line when you move it from a blank area into a text area.
The only problem I’ve seen is that dragging text from one place and dropping it in another—which I’ve done by mistake a couple of times—is not undoable. This isn’t undoable when you drag with your finger, either, but I’ve never mistakenly dragged text with my finger before.