Doing this type of conversion has unfortunately gotten progressively more difficult over the years as the industry gradually abandoned VHS and other analog video; conversion device vendors either went out of business or abandoned the market; and system vendors changed their interfaces.
For those interested parties, what always worked in the "good old days" was a Mac with Firewire ports, a device called a Canopus/GrassValley ADVC 110 and either iMovie or Final Cut software (the older versions) for video capture. These days, that's not so easy, for example with TB4 you would need a way to get back to FW. It was possible in the TB3/TB2/TB days with a couple of Apple adapters but I have not seen any info that implies that ganging up those dongles would work with TB4.
That said, there are some interesting devices on the market. Take this one for example - ClearClick Video2Digital Converter v3. It does the conversion internally to MP4/H.264 and writes to a flash drive or microSD card. It's a standalone converter - you don't use your Mac to do the conversion or capture. The MP4 video files that it creates can be copied to your Mac and you can use QT, iMovie or Final Cut to edit. Here's info on the device -> ClearClick Video2 Digital v3 and the user manual for details. (Disclaimer ... I have not used this device myself, so am unable to vouch for its capabilities.)