The Quicktime Player video details and visual appearance indicates it was shot using ProRes 422 HQ using the AppleLog profile. The NCLC tags are 9-2-9 (see attached table), which means Color Primaries: ITU-R BT.2020, transfer function undefined, and YCbCr Matrix: ITU-R BT.2020. That means it is wide gamut but not defined as HDR.
That is no different from shooting Sony S-Log3/S-gamut3.cine which is also wide gamut but not defined as HDR. That is generally what we want, since in-camera HDR (e.g, recording Rec.2020 HLG) ties our hands as colorists and reduces dynamic range releative to a log format.
Similar to Sony or Canon log material, the iPhone AppleLog material captures high dynamic range and is capable of being used in an HDR timeline, but it is not defined as in-camera HDR. Technically, we would describe the clip as wide-gamut, but not HDR-signalled.
Typically this material would be used in an SDR library and timeline if you didn't have an HDR monitor and did not intend on producing an HDR product.
You have already indicated it's in a Rec.709 SDR timeline. To verify that, select the project icon in the left sidebar, then inspect the project properties in the Project Inspector in the right sidebar. It should say Rec.709. If it does not, create a new Rec.709 project: File>New>Project, select "Custom Settings." Verify the color space is Rec.709, then add your Rec.2020 iPhone clip to that project.
Verify your library is SDR. Select the library in the left sidebar, and in the Library Inspector in the right sidebar, it should say "Standard Gamut SDR." If it does not, either create a new SDR library or click modify to change this library to SDR.
Verify that FCP has applied the standard AppleLog conversion LUT to the clip. Select the clip, then in the Inspector "Info" tab, ensure the "General" view at bottom is selected. Then inspect that Camera LUT is set to Apple Log.
Verify in FCP Settings>General>HDR that "Automatic Color Conform" is enabled. Likewise, with the clip selected, look in the Video Inspector and verify that Color Conform is enabled, and type = Automatic. This will avoid later problems if you inadvertently mix HDR and SDR material.
Select your clip in the timeline and see how it looks. If it has effects on it, turn those off in the Video Inspector.
Enable scopes via CMD+7, and in the upper-right View menu, select "Waveform" and "RGB Parade." This shows whether the primary colors are out of limits. You can also verify that by enabling FCP's built-in range check. In the upper-right of the Viewer, select View>Range Check>All. That will show a zebra pattern if either the luma or saturation is out of limits.
If either is out of limits, fix the underlying issue, or as a stopgap, you can apply the FCP built-in Broadcast Safe effect. Increase the slider if needed to eliminate the zebra pattern. At that point, both luma and saturation are within limits.
After doing the above, evaluate the image and tell us how it looks.
