Apple - How can I "delete" the last word, using iOS dictation feature?

It doesn't seem like it is possible.

The closest I have seen is to use 'shake to undo' which will then select your entire last phrase/sentence. It's then possible to adjust that selection & delete as required.

Not what you wanted, I'm aware.

just figured it out, you have to say "select word" and then say "delete that".. its working for me !