This out of Alex 4D's Facebook page:
Apple mentioned today that there'll be a new version of Final Cut Pro coming later this year. One that can work with the Dolby Vision HDR metadata captured and encoded on the new iPhone 12 Pro.
Text from Apple's iPhone 12 Pro and Pro Max page:
"Apple‑designed ISP - How does it work? iPhone 12 Pro takes two exposures and runs them through our custom image signal processor to create a histogram, which is a graph of the tonal values in each frame. The Dolby Vision metadata is then generated based on that histogram. It takes the sheer speed of A14 Bionic to do it in real time.
"Dolby Vision editing on a smartphone - Before 12 Pro, you couldn’t shoot Dolby Vision — let alone edit it — on a smartphone. Now you can edit all your Dolby Vision videos right from your iPhone in the Photos app, iMovie, or Clips. Or from your Mac with Final Cut Pro (coming later this year)."
[To see the text, click the "Find Out How" button below the "First camera ever to record in Dolby Vision" text]
I expect this new version of Final Cut will appear on Thursday November 19th. Because Apple told FMC to organize the 2020 FCPX Creative Summit that week. But I won't bet a long-distance plane ticket on that. Their plans might have to change - especially if the Apple Silicon Mac hardware can't be announced that week.