So, you have pretty much ruled out a systemic issue with iMovie or the Mac. It looks to me that it may be a format issue with the media that you are using. Not all Mp4 works with iMovie. It must be Mp4/AAC. AAC stands for Advanced Audio Coding. Try converting your Mp4 clip to H.264, Mp4/AAC with the free download, Handbrake. Do that even if the codec already is indicated to be Mp4/AAC. Re-rendering often cures the issue.
You can get Handbrake here:
https://handbrake.fr/
A simple way to do it is to open Handbrake and do a File/Open Source. Navigate to your video and choose it as the source from the resulting screen. Then do File/Start Encoding. Wait a couple of minutes for the conversion to complete. Then save and import the converted clip into iMovie.
I don't know what format that the Procreate app uses, or what Alpha algorithm. So can't tell whether they may be some issue there. Sometimes HEVC can be problematic, even though supported by iMovie.
To cover the bases, you might try creating a new project and seeing is it exports better from there. Also, you can try redownloading iMovie. To update/redownload iMovie 10, drag your iMovie 10 app from the Applications folder into the trash, but do not empty the trash. Sign in to the app store and open your purchases folder by clicking on your name at the bottom of the app store side bar. You will see your purchases displayed, including iMovie 10. Redownload/update iMovie from there. If not successful, drag your present iMovie app out of the trash (if you moved it there) and return it to the Applications folder.
-- Rich