iPhone video color change when importing video

What is your operating system?
MacOS 12.2.1

What is your Shotcut version (see Help > About Shotcut)? Is it 32-bit?

Can you repeat the problem? If so, what are the steps?
(Please be specific and use the names as seen in Shotcut, preferably English. Include a screenshot or screen recording if you can. Also, you can attach logs from either View > Application Log or right-click a job and choose View Log.)

I’m importing a video shot with my iPhone 13 pro, and when the imported video has a drastic change in color than the original video. I took a side by side screenshot of Shotcut and Quicktime player to show the difference.

Is there a way to resolve this?

This is a limitation of the engine at the moment as it does not support HDR, and this is a HDR video. You need to use Properties > Convert > Advanced > Convert to VT.709 colorspace if you are OK edit and output in SDR. Otherwise, you need to use a different HDR-capable software.