TextAnimation.cs

using DG.Tweening;
using TMPro;
using UnityEngine;
using UnityEngine.EventSystems;

[RequireComponent(typeof(TextMeshProUGUI))]
public class TextAnimation : MonoBehaviour, IDragHandler, IBeginDragHandler
{
    private TextMeshProUGUI text;
    private TextMeshProUGUI Text => text ?? (text = GetComponent<TextMeshProUGUI>());

    private DOTweenTMPAnimator animator;
    private DOTweenTMPAnimator Animator => animator ?? (animator = new DOTweenTMPAnimator(Text));

    public void OnDrag(PointerEventData e)
    {
        var index = TMP_TextUtilities.FindIntersectingCharacter(Text, Input.mousePosition, Text.canvas.worldCamera, true);
        if (index == -1) return;
        DOTween.Sequence()
            .Append(Animator.DOOffsetChar(index, new Vector3(0, 200, 0), 0.5f).SetEase(Ease.OutCubic))
            .Join(Animator.DOFadeChar(index, 0, 0.5f))
            .Join(Animator.DOScaleChar(index, 0, 0.5f))
            .Play();
    }

    public void OnBeginDrag(PointerEventData eventData)
    {
    }
}

DOTweenPro (有償版) が前提です
(TextMeshPro向けの拡張が用意されているため)