iMovie Import Issue

Curious to see if anyone else is having this issue. I have an iPhone 12 Pro and iMovie on my iMac. I recorded a video on the phone and when I import to iMovie the lighting is "blown out"...the ring light is so bright everything is washed out. I have tried importing directly from the phone and from iCloud and having the same issue. If I open in Quicktime the video is fine and it looks fine on the phone.