Instructions cover iOS 14 and earlier.
Most apps support this feature.
Find the text you want to copy.

When it shows up, remove your finger.
The copy and paste menu appears, and the word or section of text you tapped is highlighted.
Depending on the app, there may be different options when the menu appears.

Drag the handles (circles) at the edges of the highlighted word or section to select more text.
The menu reappears when you stop selecting.
When the text you want to copy is highlighted, tapCopy.

The copied text saves to a virtual clipboard.
After you tap an option on the menu, the menu disappears.
If you copy one item, then copy something else, you lose the first item.

Go to the app you want to copy the text into.
When it does, remove your finger, and the pop-up menu appears.
TapPasteto paste the text.

Paste it using the same steps as other text.
Depending on the app, that menu may appear from the bottom of the screen.
Not all apps support copying images.

Here are some of the highlights: