Syncing iMovie for iOS projects across iPhone and iPad

Hello.

I am wondering if it is possible for me to sync iMovie projects across my iPhone 12 and iPad seventh generation connected to the same iCloud account. This is because I would like to be able to edit iMovie projects on the go on my iPhone and then come back to my iPad and continue editing. I know that it is possible to send projects between devices by using the options button in the iMovie share sheet and selecting project and then just airdropping it over to my iPad from my iPhone, but it takes a very long time to send the project. Plus, this would not be ideal if I am constantly sending revisions of the project between the two devices. If anyone knows how to do this, please put your answers here.