iPhone/GoPro "Efficient" vs. "Compatible" Settings?

I've been very vocal on here about the nightmare of trying to edit with HEVC iPhone/GoPro/DJI video files and their incompatibility with the new build of PR 2022. For pure housekeeping reasons, I've been shooting the past year with those devices in "most efficient" mode so that I don't overload my device's memory/microSD cards with massive file sizes. But clearly the HEVC files, while efficient in size, are causing MASSIVE issues with an efficient streamlined edit. So I'm questioning the choice of shooting in "efficient" mode, as it's clearly not efficient at all! I, myself, have seen our Youtube channel virtually shut down from posting new content since the move to PR 22 (6 weeks without the ability to edit/export a new episode on a show that is supposed to be twice a week has had devastating effects on our channel!). And because my first "solution" to this problem was to sell my intel iMac and upgrade to a MacbookPro M1 Pro chip machine, I've now apparently lost the ability to move back to 15.4 (It will open on my computer, but will not actually load any projects built in PR/AE/AU 2022). 

So, for those of us using/relying on footage from iPhones/GoPro/DJI's, etc., and have the ability to choose "compatible" modes when getting footage (at least with iPhones - not sure whether GoPro's have a compatible mode). What are the thoughts out there about the files created in "compatible" mode? On the iPhone when I go to change the setting, I get a slew of pseudo-warnings about what will be lost by choosing the "compatible" format.

As I see it, the obvious "loss" is smaller file sizes. And while I'm not sure if a day of shooting is going to overload my maxxed out iPhone 12 storage or not, I personally tend to export to dropbox what I shoot daily anyway (as I have unlimited storage). And if that's the only "sacrifice", if it's a step toward saving me this nightmare with incompatible video files, then perhaps that's worth considering? I realize I can just test it out myself and see what the content looks like, but if anyone has experience with the quality of what they're shooting in "compatible" mode, as well as how those files behave on PR 22, it would be really helpful (to me, as well as to others I'm sure).

My concerns are:

1) we tend to shoot at 24 fps (as the mixed media we get sent to us tends to be mostly at 23.976/24) , and it seems that iPhone "compatible" mode forces a 60 fps. That may not be the worst thing, as I do believe I can still edit 60 fps along with 24 and 29 fps files that I get from Envato stock and from other creators who contribute to our projects, as well as export that "mixed" media used together in one sequence? Or am I wrong in that and opening myself up to another whole world of trouble shooting at 60fps and trying to integrate it with 24fps footage?

2) what exactly are these "compatible" files that are being created, and are they still a Pandora's box of trouble in an editing software? Or are they truly "compatible". I'm not interested in trading a world of problems for another world of problems.

3) There are still a lot of setting options that have to be chosen on the iPhone when choosing "compatible". I would love a run down of what settings will get me the highest quality video and will allow me to get back to my creative editing and away from the 90% focus on tech issues that my editing life has become.

If it helps, we shoot a lifestyle travel show, and so content happens quickly and unexpectedly, in a number of lighting situations (day/night; interior/exterior; low light/bright light). We simply don't have the time to change iPhone/GoPro settings every time something unexpectedly comes up that is "show worthy". Some of our best segments have happened when we thought we were done for the day, or before the official day has started, and we're glad we have devices that allow us to point and shoot and not miss that great content. And up until 2022, what we shot, editing in PR and exported to Youtube looked pretty darn great. So we like that those devices can adjust quickly and efficiently to whatever we are shooting. And at the end of the day, the most I'm doing with coloring is to sweeten things a bit and make our subjects pop a little more... and maybe the occasional artistic coloring to set a mood - which the presets in Premiere Pro are perfectly capable of getting us what we want.

So, "compatible" vs. "efficient" modes in terms of being able to actually churn out content in a timely basis? A possible solution, or is it trading out one for yet another can of worms? Thoughts?