You're not going to edit a feature film on it, but for anything that's just filming a few minutes of different things and editing then together and posting/sending it wherever, it's a godsend.
Whether you're a professional actor taping a last-minute audition from your hotel room, a sales manager putting together an instructional video on site, or a high schooler putting together a classroom project.
But maybe there exists better options. I can't say I have invested in expensive video editing software on iOS. (Not that I've ever had to on macOS or Linux though.)
For about 6 months iMovie had this crazy bug on my iPad pro that made it extremely laggy.
The software side of iOS is definitely suffering lately, and somethings on the ipad have felt like a downgrade.