Microsoft has announced that it will be adding trackpad and mouse support on iPadOS for Excel, PowerPoint, and Word apps.
The apps will have a cursor that can transform into different tools depending on user context. Microsoft mentioned how the trackpad has improved and will prove to be the same as when using Office on PC or Mac.

Microsoft detailed how the addition of mouse and trackpad support can make common tasks, such as moving and resizing PowerPoint graphics, selecting Excel cell ranges and highlighting passages in Word. The idea is to make the iPad a more productive device and to get more done.
Aside from the trackpad and mouse support MS will be adding new feature menus in PowerPoint, Excel and Word for a ‘cleaner’ and modern user experience. New start screens are to be expected as well.
Microsoft intends to introduce the new features via phased rollout, with the goal of reaching all Office users in a matter of weeks.