Google is in the process of aggressively monetizing its Photos service, asking users to pay for storage starting in June and hiding a few editing tools behind a paywall right now already. But there are also some free perks everyone gets to enjoy, like a revamped video editor Google teased back in February that's now finally starting to roll out to everyone using a recent version of Photos.
Left: Old video editor. Middle & Right: New video editor.
The new video editor is much more powerful than the old version that only supported stabilizing, rotating, and trimming. It adds extensive cropping options, individual frame exports, horizon correction, and audio removal to the mix. There's even support for color correction (brightness, contrast, white point, warmth, tint, skin color, vignette, etc.) and the filters you know from the app's image editing tool. You can even mark up a video if you like. The tool stops just short of actually letting you combine clips and create short movies right from your phone.
It looks like the revamped video editor is rolling out as a server-side update to all kinds of phones, not just the Pixel lineup. You can try and force it to appear by downloading the latest version of the app from the Play Store or APK Mirror, but as always, your mileage may vary.