iPhone Footage over exposed

It will handle that perfectly *once your color management is set correctly* ...

Color Workspace, Lumetri panel, Settings tab.

Auto detect log, on.

Auto tonemapping, on.

Display Color Management, on.

Next, are you wanting HDR or Rec.709 output?

If Rec.709 set your sequence to Rec.709, make sure you ONLY use SDR/Rec.709 export presets. Without HLG or PQ in the preset name.

Are you on a Mac? If so, what display gamma do you want?

• QuickTime 1.96 will match the view in Premiere's program monitor to outside viewing on a Mac using the odd Apple Rec.709 implementation. Such as Qt player, Chrome and Safari browsers.
• Broadcast 2.4 will make Premiere use the full Rec.709 display transform for the monitor, and will then be correctly viewed on newer Macs with Reference Mode using the HDTV setting and on any broadcast compliant screen. But of course not similar to the above.
• Web 2.2 is sorta in-between.

For display on a Mac, this is always pick your poison, unfortunately. You can't display an image with two different display transforms and see the same image displayed.