I got myself the insta360 Ace Pro, I think both of these cameras have their own unique uses, one being little and out of the way of the shooter and the other being more waterproof higher quality videos.
Hi! It depends on your production needs! I would not invest in any phone for editing, it doesn't suit me. If you are comfortable editing all videos on your phone, why not? (I suppose that iPhone 11 Pro is powerful enough for video editing)