Google Photos version 2.13 just came out and with it comes a feature that’s been teased last year: video stabilization. The option can be accessed through the Videos tab in the Albums section. When you select a video, you can tap on the pencil icon (which symbolizes edit) and then select the Stabilize option on the next page which is alongside Rotate.
There will be times you’ll notice the video become slightly warped or look a bit artificial but this presumably happens with parts of the video that need to be stabilized the most. One other downside is that the video will be cropped a bit. But if you wanted a steadier clip, this is an easy way to achieve that. Android Authority put a side-by-side comparison of Daniel Stone’s video above with and without video stabilization done.