(like on GBoard or iOS 13+ keyboard can do with spacebar)
That would be helpful to fix typos quickly and conveniently, and for text selection (with shift held down, as usual).
As opposed to no modifier and sliding on the trackpad? How's this any faster? Genuinely curious.
Interesting!
The trackpad is designed to allow pointing anywhere on the screens/monitors while in that feature request, it'd be designed to move the cursor by one character given a swipe amount, allowing for quicker precise cursor moving with fast and big gestures. It'd not be practical for moving the cursor far away, but very handy to correct something in the ~40 (or more) last or next characters.
Oh I get it! I quickly created this for testing and seems like it works fine!
Using Fn + 3 finger swipe left to trigger 
and right to trigger 
keyboard keys respectively, set a repeat rate to something very small like 0.03 so you can quickly move around. In the advanced, set a haptic feedback so you know the moment it triggers and then you can use it without looking even. One caveat with this is, when the left action is being triggered and you move your fingers to the right, it won't activate the right trigger. You have to briefly lift up your fingers and put them back. But one advantage of this thing is you don't have to keep moving the fingers to trigger the gesture either, say you want to move 20 chars to the right, move a little to the right and just keep your fingers on and life them when you reach your destination. Also, you might want to add up and down likewise but with probably a much slower repeat rate.
Thanks for the inspiration!
I didn't think about just using the keyboard shortcut action for the arrows but it works perfectly!
Here's what I did for the left direction, and I done similarly for the right direction:
I don't even have to lift my finger to move back and forth (or right and left I should say).
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