MacOtakara was able to confirm this weird limitation by using FiLMiC Pro on the M2 iPad Pro. With the app installed, it lets users select the ProRes 709 and ProRes 2020 codecs to shoot video.

Here's a good example of how confusing it is to navigate what will work and when: LG's UltraFine 4K Display supports a USB-C connection and works with the iPad Pro without any extra adapters. LG's ...

While on a Zoom call on an iPad Pro, you’ll see the option to turn Center Stage on or off on the left-hand sidebar, just below the options to switch your camera and active speaker view.