Apparently iMovie doesn’t support 4k60 HDR encoded in H.265 on the 2017 iPad Pro? I can import the files without issue on my iPhone 12 mini. On the iPad Pro, i get an error message that the file type is not supported.
It’s probably the lack of hardware encoding ability in the 2017 Pro A10X SoC. Your iPhone 12 Mini will have an A14 CPU, which has far more capable media encoding technology.