My assumption is that the distorted image (https://cms-cdn.lux.camera/wp-content/uploads/2021/05/261601...) is actually a corner-crop of a 120 degree wide-angle photo. For example if you took the corner of https://cms-cdn.lux.camera/wp-content/uploads/2021/05/261800...

Do you know if my assumption is incorrect?

If that's the case, what can be done about reducing that distortion? My layman's understanding is that it's like mercator projection - you simply cannot make a two-dimensional photo of a wide field of view without distorting.