Users experienced "Missing File" errors when attempting to insert clips already present in their library.
The short answer is , but only for specific workflows. If you are running a 2020 M1 MacBook Air and do not need iPhone 15 Pro Log footage, iMovie 10.3.3 is arguably the most efficient version Apple ever released. It lacks bloat, supports 4K ProRes, and runs cooler than any subsequent update. Imovie 10.3.3