iMovie "Storage Full" iPhone Message - 57.3GB free space on device, 1731.4GB free space on iCloud

I have recently been editing some videos on my iPhone 12 Max Pro using iMovie. These videos can range from 20-40 minutes in length. When I attempt to save them to my iPhone I get an error message saying I do not have enough space - I have 57.3GB free space on my device and another 1731.4GB free space on iCloud. Whatever I try, I keep getting an error message that will not let me save my video or my project - just lost some iMovie projects. I have tried reinstalling iMovie, tried to save to iCloud, attempted to airdrop to my computer...

This almost smells like a scam to me on Apple's part - I have 57.3GB free space and can't save my videos? I'm paying $120 a year for 2TB cloud storage and still, I can't save my videos?

And what is with the "Other" category listed under iPhone Storage - I understand that this is everything else taking up space but at least let us know what it is and be able to delete it if needed. I also get the feeling they mess with category to get you to buy more iCloud storage. Transparency Apple come on...you are better than this.