Now lets talk 4k Video. 4K is four times the resolution of 1080p. This means that file size is going to be gigantic even with the h.265 compression. For example Tears of the Sun, a 4K short filmed at 23 FPS (7 less that what the iPhone will shoot) is only 12minutes. The file size 11.9GB. That's about 1GB per minute. So after the 16GB format and ISO install you left with about 14GB giving you only 14min of Video space if you install nothing else on the phone.
4K is twice the resolution of 1080p, not 4 times. 4K = 3840x2160 and 1080p = 1920x1080.