Aside from increased resolution and framerate, the main differences with $300 Studio version is that it allows you to use multi-GPU setups, advanced noise reduction, lens correction, better color grading capabilities, scripting and automation with Python and LUA, along with some other things.
So Studio is definitely nice to have if you're doing professional editing, but the free version is good enough for many hobbyists.
Unlike Photopea, I don't think Resolve has any compatibility with Adobe products' files (such as Premiere Pro, After Effects, etc.)
However, it is a tool that's been used for color grading or editing several major films and TV shows. https://en.wikipedia.org/wiki/DaVinci_Resolve#Media_produced...
I've tried other free tools, and Resolve definitely seems to be the most powerful. However, it's almost certainly not the easiest to use. If you're just wanting to trim video clips, combine different clips into one video, crop and add some background music or VO, etc., there's probably easier free tools to use out there.
I used DaVinci Resolve but it was very sluggish on older hardware.