If you are just doing light video editing and Apple Photos app, the best upgrade would be to add a few external USB 3 or Thunderbolt 3 SSD drives of say 1Tb and up. Don't edit video and photos on the main boot drive as that will simply slow your computer down. If you have a base Core i3 2018 model, you probably have a 128Gb SSD drive in it and that is pretty limiting for photos and light video editing.
Your Core i3 is very capable in editing 1080p and 4K footage coming from an iPhone or a normal camera if you are just using the latest iMovie. The minimum requirement for iMovie for 4K editing is 4GB of RAM, so 8GB is plenty. Where you need more than 8GB is when you are dealing with Final Cut Pro X or Davinci Resolve and 4K RAW files, color grading, professional 3D effects, FUSION and where that's when you may benefit from an eGPU. The fact of the matter is, you really don't need an eGPU for light video editing (that's an overkill), because the iGPU HD630 on the Mini 2018 is far more capable than the older HD4000 or HD3000 or the HD Iris of the past models. And the Intel's iGPU in conjunction with the Apple T2 can encode 4K and 1080p movies for viewing on your iPhone or iPad in no time. It's all there.
What is important in video editing is disk I/O and disk storage. You don't yet have any external fast drives to act as your video scratch and video read drives. When you buy those, you will help your Mac Mini edit movies more smoothly. iMovie doesn't really need 32GB of RAM and for light video editing and you don't need to go out and get Final Cut Pro X or Davinci Resolve. Use what is given to you by Apple free of charge.