How do you edit recordings on Mac?

I have something like this recorded from the stream.
Zrzut Ekranu 2021-08-3 o 20.04.25

First of all, this is huge enigma for me seeing words "ATSC" in audio in Europe. I thought this is american standard of broadcast. As for video please give me some advice because currently the only way to cut and edit videos is to use command line ffmpeg, this is H.264 Mpeg-4 according to description but the file is not recognised (changing extension to mp4 does not help) in:
2. QuickTime
3. LumaFusion on iPad ( i have iPad Air2 so probably direct edit from external hard drive won't work anyway and I don't have mch free space)
4. Wondershare Video Converter - it is recognised but app often crash and it;s a bit cumbersome to use.

What are your suggestions?

It is an mpegts file you cannot just rename to mp4. If you want to convert to mp4, use ffmpeg.

AC-3/Dolby Digital is standardized as A/52 in the ATSC spec. It is simply a designation, and not an indicator of anything else.

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I tought Apple software may recognise the file if this is only a matter of container, i have single recordings from Olympic that last e.g. 4 hours so converting them takes almost the same amount of time.
Still I am confused that none software with execption of Wondershare cannot natively recognise H.264.

Handbrake not allow for cut and edit, it's only for conversion and it is only GUI for ffmpeg

You need software that can read "h264 inside mpegts", or you need to convert it to "h264 inside mp4".

The name won't sound like what you'd think would do the job.. but try Avidemux. There's a bit of a learning curve, but it's what I've used forever for simple editing or pretty much any file you can throw at it.

I'd never heard of it until your post. I am trying it on my M1 MBP but the audio is out of sync by a few seconds. Do you have the same issue? How do you remove commercials? Do you have hardware encoding enabled?

I normally use Premiere to edit my recordings, but on the M1 on some of these files, it simply won't work without converting it first. Other 720p recordings work fine in Premiere.

Here's the specs for the problematic .mpg recording
1920 × 1080
H.264, MPEG-4 HE AAC
HD (1-1-1)