I have just noticed that in the Notes app when using the magnifying glass if you tap it with a second finger it will freeze, tap again and it disapears. Could this be in preparation for Cut/Copy/Paste? ie: use the magnifier to find your start point, tap within it with another finger to freeze and an option to highlight appears inside the loupe, then drag the magnifier to end of selection and tap within the glass for options Copy/Cut/Cancel. Conversly, if Copy had already been done then your initial second tap within the magnifier would have given you options Paste/Cancel. Try freezing the magnifier yourself and you'll see the rest would just be intuitive I think.