> how Photos.app behaves if it is re-encoding movies
I did a quick test and macOS 13.2 Photos.app seems to export edited metadata to re-encoded movies as expected (the Keywords did not export, though):
exiftool -a -G1 -s -api QuickTimeUTC=1 blank.mov
[Keys] DisplayName : Photos Title
[Keys] Description : Photos Description
[Keys] GPSCoordinates : 33 deg 27' 6.84" S, 70 deg 39' 1.80" W
[Keys] CreationDate : 1988:08:08 12:00:00+03:00
The export/re-encode date is in these file date and QuickTime date tags:
[MacOS] FileCreateDate : 2023:02:09 11:29:52+02:00
[System] FileModifyDate : 2023:02:09 11:29:52+02:00
[QuickTime] CreateDate : 2023:02:09 11:29:52+02:00
[QuickTime] ModifyDate : 2023:02:09 11:29:52+02:00
So you should be able to export edited date tags to re-encoded movies if you have that option selected:

...but in your initial post you mentioned HEVC and Photos.app does not seem to support that, only H.264. I have used exiftool to copy metadata tags from the original movie to the re-encoded HEVC .mp4 done with Final Cut Pro or ffmpeg.
p.s. I do not use iCloud Photos so YMMV. Oh, so many variables...