Audio Mix feature not working on iPhone 16 Pro Max

I just bought iphone 16 pro max and was trying the audio mix feature but it disappointed me to the core. As soon as I switch the audio mix mode to anything other than Standard i.e, In frame, studio or cinematic, the video just hangs. I also tried using the cinematic video, I can record it but I cannot play it. Has anyone else also faced this issue?

[Re-Titled by Moderator]