Why does it seems like this is misguided information?
Seriously, if you want to do more, upload it to your computer.
https://forums.macrumors.com/threads/715204/
It seems like misguided information because it is. To me, editing a video means at least being able to trim parts and put those trimmed parts together. Apple saying the iPhone can edit video is like me saying I can fly by jumping off some stairs.