You can trim, color correct, add text, and add music to your videos. The app is even capable of handling 10-bit HDR footage captured by your iPhone 12. The Photos app on the iPhone sports a very primitive video editor with limited features that allow you to make edits on your iPhone without downloading any third-party video editing apps.
While ProRAW is only for photos and exclusive to the Pro models, 10-bit HDR recording is available across the entire iPhone 12 lineup.
The iPhone 12 has a lot professional features in the Camera department but the most notable features are Dolby Vision video recording and Apple ProRAW photo support.