Definitely, there's a whole host of potential pitfalls from assigning cookies to the TLD. From the OP's post though it sounded like their issue was one subdomain being unable to access cookies of another subdomain.
"app.hostname.tld" doesn't need to actually access the cookies at all, it just needs to make requests to "api.hostname.tld" which sets the cookies and then later validates them.
Unfortunately safari blocks this use case unless you have also been to "api.hostname.tld" directly and there doesn't seen to be any easy way around it (outside of allowing all 3rd party cookies...)
And while iOS safari now handles this (i think they allow *.hostname.tld to use 3rd party cookies for any other subdomains as long as hostname isn't a common provider or something?) it doesn't seem to work consistently for UIWebView or WKWebView hybrid applications. And the "allow 3rd party cookies" setting doesn't seem to apply to the web views either.
Ahh... yes I'm familiar. I've worked on a couple apps where Apple/Mozilla 3rd Party Cookie polices were a pain point. One option we used was an interstitial page that the user visited briefly hosted on the API layer. Another was switching from cookies to Bearer Tokens which is a whole other bag of worms.