While Apple recently fixed some bugs caused by iOS 16, a new one has reportedly popped up. Some iPhone users are finding that iMovie and Final Cut Pro aren't supporting videos recorded in Cinematic Mode if the device it was recorded on runs on iOS 16. It's unclear what's causing the issue, but the reports seem to be consistent in pointing out these apps show an error when trying to edit Cinematic videos.
Apple hasn't acknowledged the bug yet, so you can't expect a software fix for now. A workaround 9to5Mac suggested editing the video on the iPhone and then sharing these to the Mac via AirDrop.