If you want to say "lets you do color grading", then fine. But claiming/implying this can make "pro video" or stuff that looks like it came out of a cinema camera is absurd. I know they don't say that outright, but it is heavily implied that the only, or major, difference is just color space and grading. And the name is just...laughable.
> On a technical level, why does video shot on an iPhone look different than one shot on a big Hollywood camera?
...and then they launch into color grading and whatnot.
The real answer:
Because the pixel pitch on a cinema digital camera is four times the area of the pixels on an iPhone which allows for much greater light gathering which means lower noise, and the sensor is far less limited by diffraction.
Because the iPhone lens, being so tiny, has almost zero depth of field and that looks like shit.
Because the people operating the camera are very good at cinematography.
...not because of some software.