iMovie for Mac Optimized for New MacBook Pro and Editing Cinematic Mode Videos Shot on iPhone 13
Alongside updates to Final Cut Pro and Logic Pro, Apple today updated its iMovie app for Mac with optimizations that take full advantage of the power and performance of the M1 Pro and M1 Max chips in the new 14-inch and 16-inch MacBook Pro models.

On macOS Monterey, the new version of iMovie can also be used to edit Cinematic mode videos recorded with an iPhone 13.
The full release notes:
Cinematic Mode
• Edit videos recorded on iPhone 13 in Cinematic mode (requires macOS Monterey)
• Use the Cinematic control in the inspector to modify the intensity of the depth effect
• Choose to focus on faces or other objects by selecting them in the viewer
• View and delete focus points in the video timeline
Optimized for Apple silicon
• Improved performance and efficiency with optimizations for M1 Pro and M1 Max on the new MacBook Pro
iMovie is available on the Mac App Store as a free download, with version 10.3 rolling out now.
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Top Rated Comments
Nothing has been modified on iMovie library. I just quit, updated then hell broke loose.
I am keep getting beachballs, had to do force quits then wasting time on "Validating library"...
UPDATE: just tested the new version and it still exports a 4k60 clip as 4k30 ??♂️