Same issue here. I try to import a video from a while back (so it is most likely on the cloud). However, this is on my personal iCloud Library and not a shared one like others are seeing.
Also, previewing the video works fine, but something about fetching the asset is giving us that error code.
Apple4Days
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Same issue here, jumps from 12 to 10 minutes. Will try reviving the T2 chip when the USB-C to USB-A cable comes in on Friday (hopefully the public release tomorrow will fix it).
I have a similar problem with "Save Video".