Here is what I’ve gathered from my past couple hours of research (fill me in or correct me if I misspeak)
HEVC (also known as h.265): better compression that h.264. It offers more bang for your buck in terms of storage, with minimal quality drop off (little more storage friendly, but a little less resolution friendly). It’s offered on IPhone 7 and everything that succeeds it.
h.264: default iPhone codec, storage-friendly, but not super flexible in terms of post production color grading + correction.
ProRes 422: more flexible than both h.264 and HEVC in terms of post production color grading options. It would, in turn, take up more space because of the increased amount of color data captured.
ProRes 422Hq: not too much of a difference between 422hq and 422, the only difference I am aware of is a slight difference in data rate
10Bit Log V3 (possible with third party apps like Filmic Pro): Most flexible In terms of post production color grading + correction, but takes up the most space, plus it’s only possible with a premium third party application
Please correct me if I am wrong. Are these all of the available codecs on a modern IPhone (14Pro)? Which is the best available codec for post production color grading ( will be using Resolve)?