Ned,
I have just opened Filmora 9 and added an H265 clip in to it and it works with no problem.
All of my videos are H.265 DLOG-M and I then add a LUT, before finishing colour grading. IMHO (and officially, I believe), it is a flat profile and it gives you more latitude to work with, a little like RAW photos do.
Just tried it Ned, and it loaded and played in Win10 on my laptop and then I took it in to Filmora 9 (I usually use DaVinci Resolve) and it played smoothly.
When I bought my M2P that was not the only expense. I then had to go and spend the same on a laptop to use the footage properly. It was worth it for me though.
Yeah, the 265 export is a studio only thing. Before I had studio I still filmed in 265 it was just a massive pain to do the barrel correction. Now it’s a piece of cake
IMHO, if you have a M2P investing in studio is money well spent. Being able to export using your GPU plus the barrel correction is worth its weight in gold