Apple:

Clips 3.0, available today in the App Store, features a streamlined interface and full-screen browsers on iPhone that make it even simpler to record and add effects. On iPad, Clips supports landscape orientation, Scribble with Apple Pencil, and the use of a Bluetooth mouse or trackpad.

And:

The new version also lets users make videos in multiple aspect ratios, including horizontal and vertical, ideal for creating eye-catching content for Instagram Stories, Snapchat, YouTube, and more. And Clips 3.0 is optimized to record and share content in HDR using the rear-facing cameras on all iPhone 12 models, resulting in videos with more vibrant colors and contrast.

I completely forgot about Clips. Saw this, updated and launched the new version, was quickly reminded how fun this app is. There are a ton of great effects to play with.

Launch the app, tap the 5-pointed rainbow star (lower right), then tap one of the icons to explore effect categories, like Memoji, Filters, Live Titles, etc. Glad to see this update.