iMovie trims audio files to a maximum of 2:30 in length

I was using the iMovie app on my iPhone 13 Pro Max to create a video and ran into an issue with my MP3 audio file. The file is 3 minutes and 12 seconds long, but iMovie automatically trimmed it to 2 minutes and 30 seconds. When I tried to extend the length in iMovie, it wouldn’t let me go beyond 2:30. It seems like there’s a limit on the audio file length, but I need the full file for my project.

I’ve already checked the Apple Support Forum and found at least two posts about the same problem, but no one has responded. Does anyone know how to fix this? Answers will be appreciated.