First of all: there's no oversized text being clipped off the side of the screen
Secondly: With a touchscreen, you get events only when the finger is touching the screen. So you have have something follow the touch position as if it was a mouse pointer, but then you have no mechanism to detect a 'click'. It's usual in touch apps then to not have anything like a mouse pointer. And it would be redundant anyway since the user can see where their finger is pointing!