Final Cut Pro Now Supports iPhone 15 Pro's Log-Encoded Video
Apple today updated its Final Cut Pro, Motion, Compressor, and iMovie apps for the Mac with support for log-encoded video shot on iPhone 15 Pro models.

On the iPhone 15 Pro and iPhone 15 Pro Max, you can choose between HDR, SDR, or Log color encoding when recording ProRes video. Log footage typically has a higher dynamic range and more color grading flexibility than linear footage.
Apple also updated Final Cut Pro for the iPad with the same support.
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Top Rated Comments
Transcode those files into something useful before edit. Problem solved.