iPad Pro latest model 1TB

Video Software...LumaFusion.

Photo/Image editing... Lots of these Adobe Photoshop for iPadOS, Adobe Lightroom, Affinity Photo, DarkRoom ( Affinity Phot and Darkroom have one-time flat purchase fee )

is this iPad Pro 12.9" 2732x2048 with Apple M1 chip 16 core neural engine capable of being used for small photo/video projects editing etc.?

Yes

what video software can you use or recommend for low budget video prod?

FiLMiC Pro / LumaFusion. Others Apps are available.

hat photo software would you recommend?

does it have double monitor capability?

iPadOS has no concept of an extended desktop similar to PC and Mac computers with which you may be familiar.

Screen Mirroring is supported via AirPlay, USB-C Alternate Mode or Thunderbolt/USB4, HDMI/VGA with a suitable adapter and cable.

markwmsn has a good point.

The Apple Photos apps has LOTS of individual image editing controls, now, for very comprehensive photo/image editing and is a valid photo/image editor, also.

Comes with the OS and is completely free.

TeachMe22 wrote

what video software can you use or recommend for low budget video prod?

does it have double monitor capability?

I don't do video production at all, so I have no recommendation on video software, but I have seen people using video software that allows use of an external monitor to view the work in progress at full resolution, while leaving the iPad screen for the controls and a smaller version of the work in progress. Alas, I cannot recall what software was in use. (As LotusPilot said, iPadOS itself has no concept of an extended desktop. That's why it gas to be built into the app.)

what photo software would you recommend?

That depends on your needs. Many users get by with the Apple app "Photos" that comes with every iPad.