With my 360 footage, I find I am often (maybe always? kinda subjective) able to get better results than the built-in color science of my camera. In fact, not liking how the default footage looked color-wise is what made me start experimenting with Log color. It has taken massive work for me to get to the point where my color grading looks better than straight out of the camera auto settings, but I think I’m there. I usually use a combination of DaVinci Resolve, Affinity Photo and Capture One to create LUTs using custom made PNGs and test on various sample Log frames from various scenes.
My workflow mainly uses various CSTs in DaVinci Resolve (and things like Hue to Hue, Hue to Sat, curves, color balance, and many others, while watching the color scopes), combined with other tweaks in Affinity Photo. But I’m not knowledgeable enough to answer the original question. I have no technical knowledge of gamuts and CSTs. I’ve just experimented with hundreds, if not thousands of combinations until something “looks right.”
TBH, if someone like me can experiment and get better results in a universal LUT than a company who’s job it is to create accurate color capture, it should be kinda embarrassing for said company. But eh, whatever, I’m not the arrogant type. I just hope they keep improving their color science so I have to do less work in the future. Every year Insta360 releases a new camera or 3, so maybe I’ll eventually upgrade to something with better clarity and color.
Oh, I forgot to mention I also use LUTCreator.js which is a cool online tool. Sometimes certain color or exposure aspects aren’t supported by native LUT export functions (In DaVinci Resolve or Affinity Photo), so if I make my own PNG and apply all filters to it, I often get better results.
The main reason I can’t answer the question though is because my camera shoots in an unknown Log profile. It’s not Sony S-Log or any other profile in DaVinci Resolve. I experimented with every possible CST until I found something kinda close, then did a bunch of subtle manual color and exposure transformations.
One thing I will say is that USUALLY (not always), I do all color and exposure transformations before applying a LUT. There seems to be less color banding this way in resulting footage, especially in the sky.