I agree with most of what you say. But, for the needs of the person who asked for the recommendation, I think this camera would be a really great option. It is a shame that the sound isn't better. This is an issue with most cameras, especially action cameras - albeit a tad bit more with the Insta360. I personally think that a separate mic, preferably connected to a separate recording device or second camera is the only way to go for s good production.
It is s shame that it is not 4k, but it is still pretty darn good for what most if us are used to watching on YouTube. This is one of the reasons I recommend a GoPro as a second camera. Also, two cameras, each which can have different types of microphones connected to them gives s lot of options for recording sound. One example could be that took want to record video of someone speaking ways away, or to capture B roll simultaneously with recording sound and video on s second camera.
One issue that many has experienced with the last GoPro models is that they can be unreliable. Also, the editing process on the Insta360 are by many considered superior in easyfriendlyness in comparison to the GoPro. When it comes to 360 editing, the Insta is in a league on its own.
That much said, you can't really go wrong with a GoPro. A good action camera and a good phone, and you have covered many bases.
Get a decent system camera with a couple of lenses, a drone, an ok light for vlogging on the go, a tripod, a selfie stick, a sound recorder and a lavalier, and you are getting serious.
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