Some HDR Videos are not compatible on Windows. Lightroom will attempt to generate a preview file to view these videos. If HDR Videos are showing incorrect colors, please ensure you have the latest Windows update and your GPU drivers are the latest version. Accurate reproduction of HDR videos requires a compatible GPU and a HDR capable display.
If you wish to record video that can be played successfully on Windows, please set your camera to use a different color space.
On the iPhone 12, this can be accomplished in Settings by choosing Camera > Record Video and turning off "HDR Video”.