No drag and drop (I'm guessing you are talking about editing text).
Selecting text takes a little getting used to. My suggesting is to open Notes, enter some text, and try tapping, double-tapping, tap-hold, and tap-tap-and-hold. Observe and experiment. Do the same thing in a Safari web page, as editable and non-editable text act a bit different.
Play with it this way for a while and you'll soon have a good feel for how it works.
Welcome to the forum.