128GB version is still not supported for 4K ProRes video recording of Apple iPhone 14 Pro series.
CTOnews.com According to Apple's device specifications, 4K ProRes video recording on the iPhone 14 Pro and iPhone 14 Pro Max still requires at least 256GB of storage, as with last year's iPhone 13 Pro series.
On iPhone 14 Pro models with 128GB of storage capacity, ProRes video recording is limited to 1080p at 30 frames per second. If you want to record 4K ProRes video at 30 frames per second, you need versions with 256GB, 512GB, or 1TB storage capacity.
The lack of 4K ProRes video recording support in the 128GB version may be due to the large size of 4K video files. Apple says a minute of 10-bit ProRes video is about 1.7GB at 1080p and about 6GB at 4K.
CTOnews.com has learned that ProRes, first introduced in the iPhone 13 Pro series, is Apple's family of codecs that compress video to smaller file sizes and have "impressive image quality preservation." Apple says ProRes is designed as the ultimate delivery format for high-quality video such as ads, feature films and radio.
The standard iPhone 14 and iPhone 14 Plus still don't support ProRes video recording at all.